VANCOUVER, BC, Aug. 21, 2020 /CNW/ - Last Mile Holdings
Ltd. ("MILE" or the "Company") (TSXV: MILE)
(OTC: AZNVF), a leading micro-mobility company with the
broadest product suite in the industry, is pleased to announce the
closing of the second and final tranche of over $5.3 million ("Final Tranche") in its previously
announced private placement of up to $7,000,000.
The Final Tranche consisted of a total of 70,723,078 units (the
"Units") at a price of $0.075 per
Unit for gross proceeds raised of $5,304,230. Each unit consists of one limited
voting share and one share purchase warrant with each warrant
exercisable at $0.11 per share until
August 19, 2022, subject to
acceleration at the option of the Company if closing price of the
limited voting shares of the Company is at or above C$0.20 per share for ten consecutive trading
days. In connection with the Final Tranche, the Company paid
$187,132 and 2,495,101 broker
warrants to certain finders. The broker warrants are exercisable
for a period of two years at $0.075
per share. All shares and warrants issued are subject to a
four-month hold period, expiring December
22, 2020.
Insiders of the Company, including MILE chairman and significant
shareholder Louis Lucido,
participated for $1,650,000.
The net proceeds from the Offering will be used for general
working capital purposes as well as to purchase approximately 4,000
new e-bikes and scooters, which will be deployed to meet
contractual agreements with 10 municipalities and universities for
shared mobility systems.
"With this funding in place, we are now firmly positioned to
continue with our expansion efforts in both existing and targeted
new markets," said MILE CEO Max
Smith. "Over the coming months, we'll be working with our
city and university partners to deploy roughly 4,000 new e-bikes
and scooters across 10 locations. We are continuing to see strong
user engagement across our solutions and are increasing our
capacity in a targeted fashion to drive predictable, consistent
growth with a long-term mindset."
For more information on Last Mile Holdings, visit
lastmile-holdings.com.
About Last Mile Holdings
Last Mile Holdings (TSXV:
MILE), formerly OjO Electric, is one of the largest micro-mobility
companies in the U.S., offering the broadest product suite in the
industry. Last Mile has 30 university and 50 municipal
contracted shared mobility systems under the OjO and Gotcha
brands. The acquisition of Gotcha in the first quarter of 2020
provides an expansive growth pipeline and a portfolio of products
including electric bikes, trikes, scooters, and cruisers. For more
information, visit lastmile-holdings.com.
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Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to: Last Mile Holdings and
Gotcha's business and prospects and the Company's objectives, goals
or future plans, including the planned deployment of its mobility
units; and the business, operations, expected future costs and
revenues for and management of the Company. Forward-looking
statements are necessarily based on a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors which may cause
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: the ability of Company to
meet its deployment targets, access to sufficient mobility units,
usage of mobility units, meeting the requirements of the permits
granted to Company including insurance, general business, economic
and social uncertainties including the impact of COVID-19;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals;
those additional risks set out in the Company's public documents
filed on SEDAR at www.sedar.com; and other discussed in this news
release. Accordingly, the forward-looking statements discussed in
this release, may not occur and could differ materially as a result
of these known and unknown risk factors and uncertainties affecting
the companies. Although the Company believes that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Except where required by law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility of the adequacy or
accuracy of this release.
SOURCE Last Mile Holdings Ltd.