VANCOUVER, BC, Nov. 21,
2023 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC), is pleased to announce
the closing of the first tranche ("Tranche 1") of its
previously announced non-brokered private placement (the
"Offering") issuing a total of 2,336,500 common shares (the
"Shares") at $0.15 per Share
for gross proceeds of $350,475.00.
The Company has received additional offers to participate in the
Offering, and closing of the second tranche is anticipated in early
December.
The Company also announces it has received approval from the
TSXV Venture Exchange ("TSXV") for an extension to close the
Offering on, or before, December 21,
2023. The Company first announced the Offering on
October 6, 2023 for up to 6,000,000
common shares of the Company for aggregate gross proceeds of up to
$900,000.
Finder's fees in connection with the Offering, include two
components, namely cash finder's fees (the "Cash Finder's
Fees") and finder's warrants (the "Finder's Warrants").
The Cash Finder's Fee shall be equal to eight percent (8%) of the
amount provided to the Company pursuant to a financing or
investment agreement entered into between the Company and a
Designated Investor for financing or an investment in exchange for
securities or other equity in the Company (the "Investment
Agreement"). The Finder's Warrants shall be equal to eight
percent (8%) of the number of securities received by the Designated
Investor. Each non-transferable Finder's Warrant entitles the
holder to purchase one common share (a "Share") of the
Company for a period of twenty-four (24) months from the date of
issuance at a price of CAD$0.20 per
Share. In connection with the closing of Tranche 1, finder's fees
of $6,636.00 were paid in cash and a
total of 44,240 Finder's Warrants are issuable.
The Company intends to use the net proceeds of the Offering for
working capital in order to secure a major asset and for general
corporate purposes.
All securities issued pursuant to Tranche 1 of 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 TSXV.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive
Officer
Principal Technologies Inc.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking
statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause the Company's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. The Company
disclaims any obligation to update or revise any forward-looking
information or statements except as may be required.
SOURCE Principal Technologies Inc.
