/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES/
MONTRÉAL, Jan. 31,
2022 /CNW Telbec/ - Hapbee Technologies, Inc. (TSXV:
HAPB) (OTCQB: HAPBF) (FSE: HA1) ("Hapbee" or the
"Company"), the wearable, wellness technology company and
creator of the Hapbee Headband and Sleepbee Sleep Mask is pleased
to announce the closing of the second and final tranche of the
Company's previously announced upsized non-brokered private
placement of units of the Company ("Units") at a price of
$0.30 per Unit, for gross proceeds
under the second and final tranche of $1,592,368, resulting in a total of 25,616,857
Units issued for total gross proceeds of $7,685,057 (the "Offering").
![Hapbee Technologies, Inc. Logo (CNW Group/Hapbee Technologies Inc.) Hapbee Technologies, Inc. Logo (CNW Group/Hapbee Technologies Inc.)](https://mma.prnewswire.com/media/1736448/Hapbee_Technologies_Inc__Hapbee_Announces_Closing_of_Upsized_Non.jpg)
"We are pleased to announce the closing of our upsized
financing, which received strong demand from leading North American
institutional investors," said Yona
Shtern, CEO of Hapbee. "Now well-financed, we are in a
fantastic position as a company to execute our comprehensive growth
strategy for 2022. This year's growth plan includes scaling the
delivery of our wearable wellness devices to new customers and
markets through the expansion of our distribution and marketing
channels. I want to thank both our long-time and new stakeholders
for their support and belief in the Hapbee platform."
Each Unit consists 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
applicable closing date at an exercise price of $0.50 per Share.
The net proceeds received by the Company from the Offering will
be used for product development, business development, working
capital and general corporate purposes.
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.
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 applicable closing date.
In connection with the closing of the second and final tranche
of the Offering, the Company paid cash finders' fees in the
aggregate amount of $33,599.96,
issued a total of 70,000 finder's shares and issued a total of
182,000 non-transferrable finder's warrants (each, a "Finder's
Warrant"), resulting in total finder's fees under the Offering
of $148,652 paid in cash, 275,660
finder's shares issued and 771,166 Finder Warrants issued. Each
Finder's Warrant entitles the holder thereof to purchase one Share
at a price of $0.50 per share for a
period of one year after the applicable closing date.
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.
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: the growth plan and timing for execution thereof; Hapbee being
well-financed to achieve its growth strategy; 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 will be able to execute its growth strategy as
anticipated; 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 and growth strategy 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; Hapbee's ability to receive all necessary
approvals, including the Exchange's approval; 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.
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.
SOURCE Hapbee Technologies Inc.