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SuperBuzz Announces Non-Brokered Private Placement of Special Warrants for Gross Proceeds of up to $750,000
Toronto, Ontario--(Newsfile Corp. - November 26, 2024) - SuperBuzz Inc. (TSXV: SPZ) (" SuperBuz...
About this update from Superbuzz Inc
[{"type":"text","content":"SuperBuzz Announces Non-Brokered Private Placement of Special Warrants for Gross Proceeds of up to $750,000Toronto, Ontario--(Newsfile Corp. - November 26, 2024) - SuperBuzz Inc. (TSXV: SPZ) (\"SuperBuzz\" or the \"Company\"), is pleased to announce a non-brokered private placement financing of Special Warrants of the Company (each, a \"Special Warrant\") at a price of $0.16 per Special Warrant for gross proceeds of up to $750,000 (the \"Offering\").Each Special Warrant shall be automatically exchanged for units of the Company (each, a \"Unit\") upon satisfaction of the following conditions (collectively, the \"Exercise Conditions\"):receipt of shareholder approval with respect to the Consolidation (as defined below);completion of the Consolidation; andreceipt of all corporate and regulatory approvals, including the approval of the TSX Venture Exchange (\"TSXV\"), for the Offering and the Consolidation.Each Unit issued upon satisfaction of the Exercise Conditions shall consist of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant shall entitle the holder to purchase one Common Share for a period of 24 months from the closing date of the Offering (the \"Closing Date\") at the following exercise prices: (i) $0.22 per Common Share if exercised within the first 12 months from the Closing Date; and (ii) $0.28 per Common Share if exercised during the subsequent 12-month period.The Company shall use its reasonable best efforts to satisfy the Exercise Conditions. In the event that the Exercise Conditions are not satisfied on the date that is 6 months after the Closing Date, the Special Warrants shall be exchanged for Units (issued on a non-consolidated basis) at a deemed issue price of $0.045 per Unit. In this case, the exercise price of the Warrants would be adjusted such that the Warrants are exercisable for a period of 24 months from the Closing Date at the following exercise prices: (i) $0.055 per Common Share if exercised within the first 12 months from the Closing Date; and (ii) $0.07 per Common Share if exercised during the subsequent 12-month period.The net proceeds of the Offering will be used for marketing and advertising the Company's core platform to potential end customers, sales initiatives, working capital and f...