10:32:19 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



ParcelPal Technology Inc
Symbol PKG
Shares Issued 28,188,558
Close 2017-03-31 C$ 0.17
Market Cap C$ 4,792,055
Recent Sedar Documents

ParcelPal closes $151,290 private placement

2017-03-31 18:15 ET - News Release

An anonymous director reports

PARCELPAL COMPLETES PRIVATE PLACEMENT

ParcelPal Technology Inc. has completed its non-brokered private placement, as announced on March 22, 2017. Pursuant to the private placement, the company has issued 840,500 units at a price of 18 cents per unit for gross proceeds of $151,290. Each unit consists of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share of the company at a price of 30 cents for a period of 18 months from closing. In connection with the private placement, the company paid cash commissions of $8,640 and issued 60,000 warrants to certain finders. The finder warrants have the same terms as the warrants.

All securities issued in the private placement are subject to a statutory four-month hold period. The company intends to use the proceeds of the private placement to execute expansion plans of the ParcelPal app and operations that include marketing and investor relations, for research and development, and for continuing general and administrative expenses.

In addition, the company has issued 97,222 units at a deemed price of 18 cents per unit in order to settle debt owed to an officer of the company. These units will also be subject to a statutory four-month hold period.

An insider of the company has subscribed for units under the private placement and has received units pursuant to the debt settlement. The issuance of units to insiders pursuant to the private placement and the debt settlement will be considered to be a related party transaction within the meaning of Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insider participation.

We seek Safe Harbor.

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