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PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCH OF PRIVATE PLACEMENT
PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCH OF PRIVATE PLACEMENT Canada Ne...
About this update from Principal Technologies, Inc.
[{"type":"text","content":"\n \n \n \n PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCH OF PRIVATE PLACEMENT\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 21, 2023\n \n \n /CNW/ - Principal Technologies Inc. (the \"\n \n Company\n \n \") (TSXV: PTEC), is pleased to announce the closing of the first tranche (\"\n \n Tranche 1\n \n \") of its previously announced non-brokered private placement (the \"\n \n Offering\n \n \") issuing a total of 2,336,500 common shares (the \"\n \n Shares\n \n \") at\n \n $0.15\n \n per Share for gross proceeds of\n \n $350,475.00\n \n . The Company has received additional offers to participate in the Offering, and closing of the second tranche is anticipated in early December.\n \n \n The Company also announces it has received approval from the TSXV Venture Exchange (\"\n \n TSXV\n \n \") for an extension to close the Offering on, or before,\n \n December 21, 2023\n \n . The Company first announced the Offering on\n \n October 6, 2023\n \n for up to 6,000,000 common shares of the Company for aggregate gross proceeds of up to\n \n $900,000\n \n .\n \n \n Finder's fees in connection with the Offering, include two components, namely cash finder's fees (the \"\n \n Cash Finder's Fees\n \n \") and finder's warrants (the \"\n \n Finder's Warrants\n \n \"). The Cash Finder's Fee shall be equal to eight percent (8%) of the amount provided to the Company pursuant to a financing or investment agreement entered into between the Company and a Designated Investor for financing or an investment in exchange for securities or other equity in the Company (the \"\n \n Investment Agreement\n \n \"). The Finder's Warrants shall be equal to eight percent (8%) of the number of securities received by the Designated Investor. Each non-transferable Finder's Warrant entitles the holder to purchase one common share (a \"\n \n Share\n \n \") of the Company for a period of twenty-four (24) months from the date of issuance at a price of\n \n CAD$0.20\n \n per Share. In connection with the closi...