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PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT Canada N...
About this update from Principal Technologies, Inc.
[{"type":"text","content":"\n\n \n \n \n PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE 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 June 20, 2024\n \n \n /CNW/ - Principal Technologies Inc. (the \"\n \n Company\n \n \") (TSXV: PTEC) (FSE: J07), 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 \") with one investor, MRPT Invest UG (\"\n \n MRPT\n \n \"), a company owned and controlled by\n \n Markus Mair\n \n . The Company issued a total of 4,000,000 units at\n \n $0.25\n \n per unit for gross proceeds of\n \n $1,000,000\n \n . Each unit (a \"\n \n Unit\n \n \") will consist of one common share (a '\n \n Share\n \n \") of the Company and one common share purchase warrant (a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to purchase one additional Share of the Company at\n \n $0.30\n \n for a period of two (2) years from the date of closing. The Warrants are subject to a blocker term that prohibits exercise of the Warrants to the extent the holder would as a result of any exercise exceed 19.99% of then issued Shares.\n \n \n As a result of the acquisition of Units, Mr. Mair now owns and/or controls directly and indirectly 7,003,333 Shares and 4,000,000 Warrants, representing 19% of the issued and outstanding Shares of the Company and 26.92% on a partially diluted basis, but, as noted above, Mr. Mair will be restricted to 19.99% at any one time. Prior to this transaction, Mr. Mair, through MRX Invest UG (a company owned and controlled by Mr. Mair), held 3,003,333 Shares of the Company, representing 9.14% of the issued and outstanding Shares of the Company. Mr. Mair selectively invests in growth opportunities and has been a significant supporter of the Company during the acquisition phase.\n \n \n Mr. Mair and his related entities acquired these securities for investment purposes and, as disclosed in the early warning report accompanying...