/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
-The financing is led by the principals of
Satori Capital-
MONTRÉAL, Nov. 10, 2021 /CNW/ -
Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1)
("Hapbee" or the "Company"), the Canadian-based wearable, wellness
technology company and creator of the Hapbee headband is pleased to
announce that due to strong investor demand, it intends to increase
the size of its previously announced non-brokered private placement
of units of the Company ("Units") at a price of $0.30 per Unit for total gross proceeds from
$3,500,000 to up to $5,000,000 (the "Offering").
"We are pleased with the increased interest in Hapbee from the
investment community," said Yona
Shtern, CEO of Hapbee. "I think it validates the direction
and objectives of the Company. We look forward to closing the
Offering imminently."
Each Unit will consist of one subordinated voting share in the
capital of the Company (each, a "Share") and one
subordinated voting share purchase warrant (each, a
"Warrant"), with each Warrant entitling the holder thereof
to acquire one Share for a period of three years from the closing
of the Offering at an exercise price of $0.50 per Share.
The expiry date of the Warrants will be subject to prior
acceleration following the closing of the Offering, at the
discretion of the Company. As previously announced, if the Shares
trade at or above $1.00 on the TSX
Venture Exchange (the "Exchange") for a period of 10
consecutive trading days after the expiry of the four month hold
period, the Company may issue a news release accelerating the
expiry date to 60 days after the filing of such news release.
The Company may pay a finder's fee on the Offering within the
maximum amount permitted by the policies of the Exchange. The
Company may complete multiple closings of the Offering, as
subscriptions are received. Each closing is subject to a number of
conditions, including receipt of all necessary corporate and
regulatory approvals.
Closing of the Offering is subject to certain customary
conditions, including, without limitation, approval of the
Exchange. The securities to be issued under the Offering will be
offered by way of private placement pursuant to applicable
exemptions from the prospectus requirements under applicable
securities laws. Securities issued under the Offering will be
subject to a hold period which will expire four months and one day
from the date of closing.
Any net proceeds received by the Company from the Offering are
intended to be used for product development, business development,
working capital and general corporate purposes.
The Offering is expected to close on or about November 15th, 2021.
About Satori
Satori Capital is a Texas-based
multi-strategy investment firm founded upon the principles of
conscious capitalism. Satori's private equity business partners
with leadership teams of companies with $5
million to $25 million of
EBITDA that operate with a long-term perspective, commit to their
mission or purpose, and create value for all stakeholders. Satori's
alternatives investment platform, Satori Alpha, creates and manages
customized portfolios designed to meet the unique objectives of
institutions, family offices, and sophisticated private investors.
For additional information, please visit www.satoricapital.com.
About Hapbee
Canadian-based Hapbee is a wearable wellness technology company
that aims to help people enhance how they feel. Powered by patented
ultra-low radio frequency energy (ulRFE®) technology, Hapbee
delivers low-power electromagnetic signals designed to produce
sensations such as Happy, Alert, Focus, Relax, and others. The
Company has offices in Montreal,
Vancouver, Seattle and Phoenix.
Hapbee is available for purchase at Hapbee.com.
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 press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful. The securities being offered have not been, nor
will they be, registered under the 1933 Act and may not be offered
or sold in the United States
absent registration or an applicable exemption from the
registration requirements of the 1933 Act, as amended, and
application state securities laws.
Forward-Looking Information
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
securities laws (also known as forward-looking statements).
Forward-looking information involves known and unknown risks,
uncertainties and other factors, and may cause actual results,
performance or achievements or industry results, to be materially
different from any future results, performance or achievements or
industry results expressed or implied by such forward-looking
information. Forward-looking information generally can be
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "feel", "intend", "may",
"plan", "predict", "project", "subject to", "will", "would", and
similar terms and phrases, including references to assumptions.
Some of the specific forward-looking information in this news
release includes, but is not limited to, statements with respect
to: Hapbee being able to complete the Offering; the
number of securities to be issued at closing of the Offering and
the gross proceeds received; the timing of the closing of the
Offering; the payment of any finders fees and the form thereof; the
exercise of warrants; and the use of net proceeds from the
Offering.
Forward-looking information is based on a number of key
expectations and assumptions made by Hapbee, including, without
limitation: the COVID-19 pandemic impact on the Canadian and global
economy and Hapbee's business, and the extent and duration of such
impact; Hapbee's ability to complete the Offering; no material
change will occur before Hapbee is able to complete the Offering;
no change to laws or regulations that negatively affect Hapbee's
business; there will be a demand for Hapbee's services and products
in the future; all necessary approvals will be received and all
conditions will be satisfied or waived; and Hapbee will be able to
operate its business as planned. Although the forward-looking
information contained in this news release is based upon what
Hapbee believes to be reasonable assumptions, it cannot assure
investors that actual results will be consistent with such
information.
Forward-looking information is provided for the purpose of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes.
Forward-looking information involves significant risks and
uncertainties and should not be read as a guarantee of future
performance or results as actual results may differ materially from
those expressed or implied in such forward-looking information.
Those risks and uncertainties include, among other things, risks
related to: that Hapbee will be able to complete its business
objectives as anticipated; the impacts of the COVID-19
pandemic on the Canadian and global economy, Hapbee's industry and
its business, which may negatively impact, and may continue to
negatively impact, Hapbee and may materially adversely affect its
investments, results of operations, financial condition and
Hapbee's ability to obtain additional equity or debt financing, and
satisfy its financial obligations; the ability for Hapbee to close
the Offering; the ability for Hapbee to continue to list its Shares
on the Exchange or another exchange; circumstances may change
resulting in the use of proceeds; general economic conditions;
future growth potential; prices of its securities; liquidity; tax
risk; tax laws currently in effect remaining unchanged; ability to
access capital markets; environmental matters; and changes in
legislation or regulations. Management believes that the
expectations reflected in the forward-looking information contained
herein are based upon reasonable assumptions and information
currently available; however, management can give no assurance that
actual results will be consistent with such forward-looking
information.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to Hapbee. The
forward-looking information is stated as of the date of this news
release and Hapbee assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may
be required by applicable law.
SOURCE Hapbee Technologies Inc.