/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, Jan. 26, 2021 /CNW/ - Parkit Enterprise Inc.
("Parkit" or the "Company") (TSXV: PKT) (OTC: PKTEF), is pleased to
announce that it has entered into an agreement with Stifel GMP and
Scotiabank as joint bookrunners on their own behalf and on behalf
of a syndicate of underwriters (collectively, the "Underwriters"),
to increase the size of its previously announced bought deal
private placement offering. Pursuant to the upsized deal terms, the
Underwriters have agreed to purchase, on a bought deal private
placement basis, 63,157,900 Common Shares of the Company ("Common
Shares") at a price of $0.95 per
Common Share, for aggregate gross proceeds of $60,000,005 (the "Offering").
The Underwriters have also been granted an option, exercisable
in whole or in part any time up to 48 hours prior to the closing
date of the Offering, to purchase for resale up to an additional
9,473,685 Common Shares at the Offering Price, for aggregate gross
proceeds to the Company of $69,000,006 in the event the Underwriters
exercise this option in full.
Concurrent with the Offering, the Company may issue and sell
additional Common Shares for additional aggregate gross proceeds of
up to $15,000,000 on the same terms
as the Offering to subscribers designated by the Company.
The Company plans to use the net proceeds from the sale of
Common Shares for future acquisitions and for general corporate
purposes. The Offering is scheduled to close on or about
February 17, 2021 (the "Closing
Date") and is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals including the
approval of the TSX Venture Exchange.
The Common Shares will be subject to a hold period under
applicable Canadian securities laws expiring on the date that is
four months and one day following the Closing Date.
The Common Shares will be offered on a private placement basis
in all provinces and territories of Canada. The Common Shares will also be offered
in the United States on a private
placement basis pursuant to available exemptions from the
registration requirements of the United States Securities Act of
1933, as amended (the "1933 Act"), and in such other jurisdictions
outside of Canada and the United States, as mutually agreed by the
Company and the Underwriters, in each case in accordance with all
applicable laws.
About Parkit Enterprise Inc.
Parkit Enterprise Inc. is engaged in the acquisition,
optimization and asset management of income producing industrial
real estate and parking facilities across Canada and the
United States. Parkit's Common Shares are listed on TSX-V
(Symbol: PKT) and on the OTC (Symbol: PKTEF).
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 does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the 1933 Act or any
state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the 1933 Act and applicable state
securities laws or an exemption from such registration is
available.
Forward-Looking Information: This press release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. All statements, other than
statements of historical fact, included herein is forward-looking
information. Generally, forward-looking information may be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "proposed", "is expected",
"budgets", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases, or by the use of words or
phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this
press release contains forward-looking information in relation to:
statements as to the Offering and the concurrent private placement;
the use of proceeds from the sale of Common Shares, the Closing
Date and the receipt of regulatory approvals in connection with the
Closing of the Offering. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. These risks, uncertainties, and factors may include,
but are not limited to general business uncertainties, and in
particular uncertainties relating to the impact and duration of
COVID-19 on future financial performance. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what impacts they will
have on the Company. A description of additional risk factors that
may cause actual results to differ materially from forward looking
information can be found in Parkit's disclosure documents on the
SEDAR website at www.sedar.com. Although Parkit has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on forward-looking information.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking information contained in this press release is
expressly qualified by this cautionary statement. The
forward-looking information contained in this press release
represents the expectations of Parkit as of the date of this press
release and, accordingly, are subject to change after such date.
However, Parkit expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
SOURCE Parkit Enterprise Inc.
