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UNITED STATES/
VANCOUVER, BC, Nov. 26,
2024 /CNW/ - Principal Technologies Inc. (the
"Company" or "Principal") (TSXV: PTEC) (FSE: J07), is
pleased to announce that it has strengthened its balance sheet by
closing its previously announced non-brokered private
placement at $0.25 per unit (the
"Offering") and the conversion of outstanding debts to
common shares at the same price.
The Company closed the Offering and issued 342,484 units at
$0.25 per unit for gross proceeds of
$85,621.00, subject to final approval
from the TSX Venture Exchange ("TSXV"). Each unit (a
"Unit") will consist of one common share (a "Share")
of the Company and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one
additional Share of the Company at $0.30 for a period of two (2) years from the date
of closing. For more information on the Offering, see news
releases of September 19, 2024 and
November 8, 2024.
The Company also announces a shares-for-debt settlement. The
Company has agreed to settle outstanding debt owed to three arm's
length parties, through the issuance of 363,500 common shares of
the Company (the "Debt Shares"). The principal amount of the
debt to be settled or repaid (the "Debt Settlement") is
an aggregate of $90,875 in fees and
expenses (collectively, the "Debt"). The Debt is being
settled through the issuance of 363,500 Debt Shares at a deemed
price of $0.25 per Debt Share.
The Company received final approval of the TSX Venture Exchange
(the "Exchange") to issue the Debt Shares and settle the
Debt and closed the Debt Settlement on $90,875.
All securities issued pursuant to the Debt Shares and the
Offering, and any Shares that may be issuable on exercise of any
such securities, will be subject to a statutory hold period
expiring four months and one day from the date of issuance of such
securities. The Offering remains subject to final approval of the
TSX Venture Exchange.
About Principal Technologies
Principal Technologies Inc. is a Canadian-based healthcare
acquisition company. The Company is engaged in building a portfolio
of profitable healthcare technology companies with a focus on those
with global distribution potential which have intellectual property
capable of enhancing medical treatment quality, cost efficiency,
optimization of the patient pathway, and implementation of point of
care technologies.
ON BEHALF OF THE
BOARD
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is
defined in the policies of the
TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of
this release.
This news release contains "forward-looking
information" and "forward-looking statements"
(collectively, "forward-looking statements")
within the meaning of the
applicable Canadian
securities legislation. All statements, other than statements of historical fact, including
in relation to the closing of the Offering and use of proceeds
thereof, the satisfaction of the funding conditions and TSX Venture
Exchange approval are forward-looking
statements and are based on
expectations, estimates and projections
as at the date of this news
release. Any statement that
involves discussions with respect
to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future
events or performance (often but
not always using phrases such as
"expects", or "does not expect",
"is expected", "anticipates" or
"does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes"
or "intends" or variations of
such words and phrases or
stating that certain actions, events or
results "may" or "could", "would",
"might" or "will" be taken
to occur or be achieved) are
not
statements of historical fact and
may be forward-looking statements.
These forward-looking statements are based on reasonable
assumptions and estimates of management of the Company at the time
such statements were made. Actual future results may differ
materially as forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to materially
differ from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors, among other things, include: the absence of material
changes with respect to the Company and its businesses;
fluctuations in general macroeconomic conditions; fluctuations in
securities markets; fluctuations in currency markets (such as the
Canadian dollar to United States
dollar exchange rate); change in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; the successful negotiation and execution of
definitive documentation and the receipt of all requisite
approvals. Although the forward-looking statements contained in
this news release are based upon what management of the Company
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure its shareholders that actual results will
be consistent with such forward-looking statements, as there may be
other factors that cause results not to be as anticipated,
estimated or intended.
Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Except as required by law, the Company assumes no
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they change, except
as required by law.
SOURCE Principal Technologies Inc.
