/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Aug. 19,
2022 /CNW/ - Datable Technology Corporation
(TSXV: DAC) (the "Company") announces that further to
its news releases dated June 20, 2022
and August 9, 2022, it has completed
the first tranche of its non-brokered private placement, consisting
of 18,500,000 units of the Company (the "Units") at
$0.02 per Unit for gross proceeds of
approximately $370,000 (the
"Offering").
Each Unit consisted of one common share in the capital of the
Company (a "Share") and one Share purchase warrant (each
Share purchase warrant, a "Warrant"). Each Warrant
entitles the holder to purchase one additional Share (a "Warrant
Share") at a price of $0.05 per
Warrant Share for a period of two years from the closing of the
Offering.
All securities issued in connection with the Offering are
subject to a statutory hold period expiring on December 20, 2022 in accordance with applicable
securities legislation. The net proceeds of the Offering will
be used for general working capital purposes.
Kim Oishi and Robert Craig, insiders of the Company,
subscribed for 2,000,000 Units ($40,000) and 1,750,000 Units ($35,000) respectively, under the Offering (the
"Insider Subscriptions"). The Insider Subscriptions
constitute "related party transactions" within the meaning of
Multilateral Instrument 61-101 – Protection of Minority
Securityholders in Special Transactions ("MI 61-101").
The Company has relied on the exemptions from the formal valuation
and minority shareholder approval requirements of MI 61-101
contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI
61-101 in respect of the Insider Subscriptions.
The Company has paid to certain eligible finders a cash
commission (the "Finder's Fees") in the aggregate amount of
$16,400 on the Offering within the
amount permitted by the policies of the TSX Venture Exchange (the
"Exchange"). The Company expects to close a second
tranche in the coming weeks.
In addition, an aggregate of 840,000 non-transferable finder's
warrants (the "Finder's Warrants"), were issued to eligible
finders. Each Finder's Warrant entitles the holder to
purchase one additional Share at a price of $0.05 per Share for a period of two years from
the closing of the Offering.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United
States. Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and, accordingly, may not be offered or sold within
the United States, or to or for
the account or benefit of persons in the
United States or "U.S. Persons", as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
About Datable Technology
Corporation
DTC has developed a proprietary, mobile-based consumer marketing
platform – PLATFORM³ – that is sold to global Consumer
Packaged Goods (CPG) companies and consumer brands.
PLATFORM³ is delivered as a subscription service (Software
as a Service model) and used by CPG companies to engage consumers,
reward purchases and collect valuable consumer data.
PLATFORM³ incorporates Artificial Intelligence and Machine
Learning to monetize the consumer data, including demographics and
purchasing behaviour, by sending consumers targeted offers by email
and text messages. For more information, visit datablecorp.com.
Neither 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.
For additional information about the Company, please visit
www.sedar.com. The TSX Venture Exchange has in no way passed
upon the merits of the transaction and has neither approved nor
disapproved the contents of this press release. 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 news
release. This news release contains forward-looking
information, which involves known and unknown risks, uncertainties
and other factors that may cause actual events to differ materially
from current expectations. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time on
SEDAR (see www.sedar.com). Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. The Company
disclaims any intention or obligation, except to the extent
required by law, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Datable Technology Corp.