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PopReach Closes $5 Million Strategic Investment by Alibaba Group's Global Investment Arm
PopReach Closes $5 Million Strategic Investment by Alibaba Group's Global Investment Arm ...
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[{"type":"text","content":"\n \n \n \n PopReach Closes $5 Million Strategic Investment by Alibaba Group's Global Investment Arm\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 5, 2020\n \n \n \n \n \n /NOT FOR DISSEMINATION IN THE\n \n UNITED STATES\n \n OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 5, 2020\n \n /CNW/ - PopReach Corporation (\"\n \n PopReach\n \n \" or the \"\n \n Company\n \n \") (TSXV: POPR) (OTCQX: POPRF) today announced that it has closed the previously-announced $5 million strategic investment by New Insight Incentive Plan Company, a 100% owned subsidiary of eWTP Tech Innovation Fund LP (\"\n \n eWTP\n \n \"), the global investment arm of Alibaba Group, subject to final acceptance by TSX Venture Exchange (the \"\n \n Exchange\n \n \") as described below.\n \n \n \n \n \n \n \n \n \n As previously announced on October 15, 2020, eWTP has agreed to a\n \n $5,000,000\n \n strategic investment in PopReach by subscribing for up to 6,944,444 common shares of PopReach at\n \n $0.72\n \n per share, in a non-brokered private placement (the \"\n \n Private Placement\n \n \").\n \n \n Under the rules of the Exchange, the full\n \n $5,000,000\n \n strategic investment by eWTP results in eWTP holding over 10.0% of the issued and outstanding capital of PopReach, deeming eWTP an \"Insider\" for the purposes of the rules of the Exchange.  As a result, the Exchange rules require that customary additional background checks and clearance process for Insiders be conducted on eWTP, which is expected to take several weeks given that the principals of eWTP are non-Canadian residents.\n \n \n As permitted by the rules of the Exchange, PopReach has received\n \n $4\n \n .175 million of gross proceeds and has issued to eWTP 5,798,611 common shares at a price of\n \n $0.72\n \n per common share, resulting in eWTP holding approximately 9.99% of issued share capital of PopReach. The remaining\n \n $825,000\n \n of the Private Placement has ...