Business
SuperBuzz Announces Private Placement and Non-Binding Letter of Intent with Jeffs' Brands Ltd.
Toronto, Ontario--(Newsfile Corp. - February 27, 2023) - SuperBuzz Inc. (TSXV: SPZ) (" SuperBuzz ...
About this update from Superbuzz Inc
[{"type":"text","content":"SuperBuzz Announces Private Placement and Non-Binding Letter of Intent with Jeffs' Brands Ltd.Toronto, Ontario--(Newsfile Corp. - February 27, 2023) - SuperBuzz Inc. (TSXV: SPZ) (\"SuperBuzz\" or the \"Company\"), is pleased to announce a non-brokered private placement for gross proceeds of up to $500,000 through the issuance of up to 4,166,666 units (each a \"Unit\") at a price of C$0.12 per Unit (the \"Offering\"). Each Unit shall consist of one common share in the capital of the Company (a \"Common Share\") and one a Common Share purchase warrant (a \"Warrant\"). Each Warrant shall entitle the holder to acquire one Common Share for a period of 24 months from the closing date of the Offering at an exercise price of $0.12 per Common Share.The net proceeds of the Offering will be used for general working capital purposes. Closing of the Offering is expected to occur on or about the week of March 3, 2023.Closing of the Offering is subject to the Company obtaining all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.None of the securities issued in the Offering will be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such an offer, solicitation, or sale would be unlawful.Non-Binding Letter of IntentPursuant to the non-binding letter of intent entered between Jeff's Brands Ltd. (\"Jeffs' Brands\") and the Company on February 22, 2023 (the \"LOI\"), and subject to the entry into one or more definitive agreements by the parties, Jeffs' Brands and SuperBuzz propose to collaborate on a joint project to create software for Amazon's advertisement platform (\"Amazon\"), based on AI technologies, designed specifically for Jeffs' Brands' stores and brands, as well as opening a new line of service for marketing campaigns. Jeffs' Brands ...