Business
PowerBand Announces Non-Brokered Private Placement Financing
VANCOUVER, BC / ACCESSWIRE / December 20, 2019 / PowerBand Solutions Inc. (OTCQB:PWWBF) (TSX...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand Announces Non-Brokered Private Placement FinancingVANCOUVER, BC / ACCESSWIRE / December 20, 2019 / PowerBand Solutions Inc. (OTCQB:PWWBF) (TSX-V:PBX) (Frankfurt:1ZVA) (\"PowerBand,\" \"PBX\" or the \"Company\"), a leading online automotive leasing, auction remarketing, and vehicle acquisition and sales platform in North America, is pleased to announce that it has received conditional approval from the TSX Venture Exchange to issue a non-brokered private placement (the \"Private Placement\") of to 7,692,308 units (the \"Units\") at a price of $0.065 per Unit for total proceeds of up to $500,000. Each Unit shall be comprised of one (1) common share of the Company (\"Common Share\") and one half of one (1/2) common share purchase warrant (each whole share purchase warrant, a \"Warrant\") of the Company. Each Warrant shall entitle the holder to receive, for no additional consideration, one (1) Common Share, subject to adjustments, at an exercise price of $0.15 for a period of 24 months from the date of issuance. The Private Placement is expected to close in tranches to be concluded by January 17, 2020.The Company is also pleased to announce that it has successfully closed the first tranche of the Private Placement. A total of 1,538,461 Units, at a price of $0.065 per Unit, have been issued for total gross proceeds to the Company of $100,000.The gross proceeds of the Private Placement will be used to fund the Company's continued U.S. expansion, software development, business development, administration and for general working capital purposes.All securities issued in connection with the private placement are subject to a 4-month and one day hold period in Canada.About PowerBand Solutions Inc.PowerBand Solutions Inc. is a technology provider listed on the TSX Venture Exchange. The Company has commercialized its leading-edge cloud-based platform to buy, sell, lease, and auction vehicles. With the recent receipt of its exporter license and its acquisition of MUSA Auto Finance, the Company is now well positioned to become a leader in the USD$10 billion cross-border used vehicle export market, the USD$100 billion used vehicle auction market, and the USD$120 billion vehicle leasing market in the U.S. and Canada.For further information, please contact:Richard Goldman, VP Corporate DevelopmentP: 1-866-768-7653rgoldman@powerbandsolu...