01:20:00 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



ParcelPal Technology Inc
Symbol PKG
Shares Issued 25,401,511
Close 2018-01-12 C$ 0.485
Market Cap C$ 12,319,733
Recent Sedar Documents

ParcelPal Technology closes $1.65M financing

2018-01-15 08:45 ET - News Release

Mr. Peter Hinam reports

PARCELPAL CLOSES PRIVATE PLACEMENT

ParcelPal Technology Inc. has completed its non-brokered private placement, as announced on Jan. 9, 2017. Pursuant to the private placement, the company has issued 12,105,111 units at a price of 13.5 cents per unit for gross proceeds of $1,651,040. Each unit will consist of one common share of ParcelPal and one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of ParcelPal at a price of 20 cents per share for a period of 24 months from the date of issue. In the event that the average closing price is equal to or greater than 30 cents per share for a period of five consecutive trading days, the company may accelerate the expiry date of the warrants to a date that is 30 days after the notice of completion of such period.

In connection with the private placement, the company paid cash commissions of $119,599.20 and issued 708,142 warrants to certain finders. The finders' warrants have the same terms as the warrants. All securities issued in the private placement are subject to a statutory four-month hold period.

President and chief executive officer Kelly Abbott states: "Due to unprecedented demand and size restriction for the private placement, the company wishes to apologize to any investors that were not accommodated. A high number of strategic investors were involved in this financing which bodes well for ParcelPal as we move forward with a number of value-added initiatives that will be implemented in the near future."

The company intends to use the proceeds of the private placement to execute expansion plans for the ParcelPal app and operations which include marketing and investor relations, research and development for track and trace block chain technology, and continuing general and administrative expenses.

The offering was priced in the context of the market based on a price reservation made by the company with the CSE.

About ParcelPal Technology Inc.

ParcelPal is a technology-driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver, and soon in major cities Canada-wide.

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