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Facedrive Announces Upsize of Previously Announced Private Placement Due to Strong Demand and Support
Facedrive Announces Upsize of Previously Announced Private Placement Due to Strong Demand...
About this update from Argo Corporation
[{"type":"text","content":"\n \n \n \n Facedrive Announces Upsize of Previously Announced Private Placement Due to Strong Demand and Support\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 /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN\n \n CANADA\n \n ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 28, 2022\n \n \n /CNW/ - Facedrive Inc. (\"\n \n Facedrive\n \n \" or the \"\n \n Company\n \n \") (TSXV: FD) (OTCQX: FDVRF), a Canadian \"people-and-planet first\" tech ecosystem, is pleased to announce that it is expecting its non-brokered private placement (the \"\n \n Private Placement\n \n \") of units (the \"\n \n Units\n \n \") first announced on\n \n March 25, 2022\n \n (the \"\n \n Initial Announcement\n \n \") to be oversubscribed based on strong investor demand. As a result, the Company has decided to increase the maximum size of the Private Placement to\n \n $17.5 million\n \n in aggregate gross proceeds, consisting of up to 29,661,017 Units.\n \n \n As per the Initial Announcement, each Unit will be priced at\n \n $0.59\n \n and will consist of one common share in the capital of the Company (a \"\n \n Share\n \n \") and one Share purchase warrant (a \"\n \n Warrant\n \n \"), with each Warrant entitling the holder thereof to acquire one additional Share (a \"\n \n Warrant Share\n \n \") at a price of\n \n $0.73\n \n per Warrant Share for a period of 36 months from the date of issuance (subject to customary adjustment provisions).\n \n \n \"Investor demand for this placement has gone well beyond our expectations in the first 48 hours and, as a result, we have decided to upsize the offering from\n \n $15\n \n to\n \n $17.5 million\n \n as the round has become oversubscribed,\" said\n \n Suman Pushparajah\n \n , CEO and Director at Facedrive. \"We see this as a strong vote of confidence in Management's execution of our vision. Our focus will now centre on year-over-year revenue growth and expanded market shar...