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PK Beans closes the second tranche of $ 320,000 of a private placement of non-middleman units and $ 75,000 of the second tranche of issuance of convertible debenture units

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Vancouver, British Columbia – (Newsfile Corp. – October 13, 2021) – Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) (“PK beans“or the”Society“) is pleased to announce that following its press release dated September 3, 2021 and September 29, 2021, the closing of the second tranche of a non-brokered private placement of $ 0.05 (the”Stock offering“), as well as the second tranche of its previously announced unmediated convertible debenture unit offering (the”Placement of Debentures“).

The second tranche of the Share Offer resulted in the distribution of 6,400,000 shares (the “Units“) for $ 0.05 (the”Private placement“), each unit being composed of one ordinary share of the Company (a”To share“) and one common share purchase warrant (each a”To guarantee“) for total gross proceeds of $ 320,000.00. Each warrant will allow its holder to purchase one additional common share of the Company at a price of $ 0.10 until October 13, 2024.

The second tranche of the debenture offering generated total gross proceeds of $ 75,000.00 through the issuance of 75 units of convertible debentures (each a “CD unit“and collectively, the”CD units“) at a price of $ 1,000 per CD unit.

Each CD Unit was offered at a price of $ 1,000 and included an unsecured convertible debenture with a principal amount of $ 1,000 (each, aDebenture“and collectively, the”Debentures“) and 5,000 warrants to purchase common shares of the Company (each, a”Debenture bond“and collectively, the”Debenture warrants“). Each warrant for a debenture will entitle its holder to acquire one common share of the Company (each, a”Share of the warrants debenture“and collectively, the”Debenture warrants shares“) at a price of $ 0.15 per share in the form of a debenture for a period of four years from the closing date of the second tranche of the debenture offering on October 13, 2025.

The Debentures will mature and will be redeemable on a date that is four years after the Closing Date (the “Due date“) on October 13, 2025, and bear interest at a rate of 12% per annum until maturity, which shall be calculated and payable semi-annually on the last day of June and December of each year. The principal amount of the debentures and any interest accrued and unpaid will be convertible into shares (the “Conversion shares“) at a conversion price of $ 0.10 (the”Conversion priceThe terms of the Debentures further provide that the Company may from time to time, at the option of the Company, prepay all or a portion of the principal plus accrued and unpaid interest without penalty or premium.

In consideration for the services of certain eligible discoverers who introduced subscribers to the Company for the completion of the share offering, the Company issued 456,000 common share purchase warrants, exercisable at $ 0.10 for a period 36 months, and paid cash commissions totaling $ 22,800.00 to these finders. Eligible discoverers who presented subscribers to the Company for the purpose of completing the second tranche of the debenture offering received 50,000 common share purchase warrants, exercisable at $ 0.12 in common shares for a period of one year. 24 month period from closing, and received $ 6,000.00 in cash commission.

The Company intends to use the proceeds of each of these private placements for inventory acquisition, marketing and general working capital purposes.

All securities issued or capable of being issued in connection with the closing of the second tranches of the Share Offering and the Debenture Offering will be subject to a legal hold period of four months plus one day from the date of issue in accordance with to applicable securities legislation, expiring February 14. , 2022.

PK Beans also announces that it has granted a total of 1,000,000 options to Traci Costa, CEO of the Company, to purchase 1,000,000 ordinary shares in the capital of the Company in accordance with the existing stock option plan. of the society. The options vest immediately and may be exercised at an exercise price of $ 0.06 per common share for a period of 10 years from the date of grant. The options will also be subject to a four month and one day hold period, expiring February 14, 2021, in accordance with the policies of the Canadian Securities Exchange.

About Peekaboo Beans Inc.

PK Beans is an integrated and innovative brand of well-being for children. From sustainable clothing options kids love to wear, to healthy foods that fuel children’s play, our mission is to provide the ingredients for a playful life. With our monthly adventure subscription box, comprised of interactive and engaging activities that educate and entertain, developed by an Emmy-winning child psychologist and dedicated experts for children, our goal is to enrich, empower and feed children with good nutrition, clothing and clothing. play – every day. The company maximizes revenue by reaching online sellers and retailers through an omnichannel approach.

Find out more about PK beans
, visit: www.pkbeans.com

On behalf of the Board of Directors,

Peekaboo Beans Inc.

Ms. Traci Costa, President and CEO
(604) 2792326

For more information, please contact the Company at:

[email protected]
(604) 279-2326

Notice to readers

This press release may contain forward-looking information subject to risks and uncertainties. All statements inside, other than statements of historical fact, should be considered forward-looking, including statements regarding the use of the proceeds of the private placement. Although the Company believes that the expectations expressed in this forward-looking information are based on reasonable assumptions, this information does not constitute a guarantee of future performance and actual results or developments may differ materially from those contained in the forward-looking information. Factors that could cause actual results to differ materially from those of forward-looking information include, but are not limited to, fluctuations in market prices, the success of the Company’s operations, the continued availability of capital and funding and general economic, market or commercial conditions. There can be no assurance that any such information will prove to be accurate and, therefore, readers are urged to rely on their own assessment of these uncertainties. The Company assumes no obligation to update forward-looking information, except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its regulatory services provider (as that term is defined in the Policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES
OR FOR DISTRIBUTION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99533


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