CALGARY, AB, March 5, 2021 /CNW/ - Katipult Technology Corp.
(TSXV: FUND) ("Katipult" or the "Corporation") is
pleased to announce that, further to its press release dated
February 12, 2021, it has now closed
its convertible debenture financing (the "Offering").
Proceeds from the Offering will be used to fund Katipult's
growth and market expansion plans, with a focus on strengthening
its existing market position in the Canadian capital markets, and
expanding its presence in the U.S., UK and Australian capital
markets.
Pursuant to the Offering, the Corporation issued C$3.0 million of unsecured subordinated
convertible debentures (the "Debentures"), with no interest
(0% coupon) and maturing five years from the closing date of the
Offering (the "Maturity Date") at which time, the principal
amount of the Debentures will become due and payable. Until the
Maturity Date, the Debentures may be converted into common shares
in the capital of the Corporation (the "Common Shares") at a
conversion price of $0.23 per Common
Share. As part of the Debenture financing, the Corporation has
granted warrants to acquire 12,000,000 Common Shares (the
"Warrants"), exercisable at any time on or prior to the
Maturity Date. Each Warrant is exercisable into one Common Share at
an exercise price of $0.25 per Common
Share.
No finder's fees, broker's fees and/or commissions will be paid
in connection with the Offering.
Under applicable Canadian securities law, the Debentures, the
Warrants and the underlying Common Shares to be issued pursuant
thereto will be subject to a hold period of four months and a day
from the date of issuance of the Debentures and the Warrants.
About Katipult
Katipult (www.katipult.com) is a provider of industry leading
and award-winning software infrastructure for powering the exchange
of capital in equity and debt markets. Our cloud-based platform and
solutions digitize investment workflow by eliminating transaction
redundancy, strengthening compliance, delighting investors, and
accelerating deal flow. Katipult provides unparalleled adaptability
for regulatory compliance, asset structure, business model, and
localization requirements.
Cautionary Note Regarding Forward Looking Statements
Certain disclosure in this release, including statements
regarding the growth and market expansion plans of the Corporation
and the use of proceeds therefrom constitute forward-looking
statements. In making the forward-looking statements in this
release, the Corporation has applied certain factors and
assumptions that are based on the Corporation's current beliefs as
well as assumptions made by and information currently available to
the Corporation, including, but not limited to, the ability of the
Corporation to execute on its growth and market expansion plans,
the Corporation's anticipated cash needs, that the cash available
to the Corporation is as expected, the Corporation's product will
continue to operate as expected, the industry will continue to see
value in the Corporation's products, the Corporation will be able
to recruit talented and experienced sales, support and other
individuals required to execute the Corporation's plans, and that
the Corporation's employees, consultants, customers, suppliers and
other stakeholders will be able to manage successfully throughout
the Covid-19 pandemic. Although the Corporation considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. Such risk factors may include,
among others, the risk that the Corporation is unable to execute on
its growth and market expansion plans, that cash available to the
Corporation is not as expected, failure to manage growth
successfully, lengthier than anticipated sales and implementation
cycle, cyber risks, risks related to cloud based solutions, failure
to continue to adapt to technological change and new product
development, dependence on key personnel, competition, intellectual
property risks, economic conditions, the financial and economic
fallout due to the Covid-19 pandemic, privacy concerns and
legislation, regulatory environment, risk associated with a change
in the Corporation's pricing model, risk of defects in the
Corporation's solution, dependence on market growth, operational
service risk, dependence on partners and delay or failure to
realize anticipated benefits of key account installations. Readers
are cautioned, especially in these uncertain times, not to place
undue reliance on forward-looking statements. The Corporation does
not intend to, and expressly disclaims any intention or obligation
to, update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by 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 Katipult Technology Corp.
