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VANCOUVER, BC, Jan. 18,
2024 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC), is pleased to announce
the closing of the third and final tranche ("Tranche 3") of
its previously announced non-brokered private placement (the
"Offering"). The Company issued an additional 833,333 common
shares (the "Shares") at $0.15
per Share for gross proceeds of $124,999.95, bringing the total offering to
9,993,166 Shares for aggregate gross proceeds of $1,498,974.95 when combined with the two previous
closings, subject to final approval from the TSX Venture Exchange
("TSXV"). For more information on the Offering, see the
Company's news releases dated October 6,
2023, November 21, 2023, and
December 21, 2023.
In connection with the closing of Tranche 3, finder's fees
totaling $4,000 cash were paid and
non-transferable share purchase warrants issued to purchase up to
26,667 Shares of the Company for a period of twenty-four (24)
months from the date of issuance, expiring on January 18, 2026.
'We are very pleased to complete this $1.5 million private placement' said the
Company's CEO, Jerry Trent. 'It provides ample funds for us to be
able to seek out and validate a significant healthcare technologies
opportunity for the Company, which is our main focus for 2024'.
The Company intends to use the net proceeds of the Offering for
working capital in order to secure a major asset and for general
corporate purposes. All currency in this news release is
denominated in Canadian dollars.
All securities issued pursuant to the Offering, and any Shares
that may be issuable on exercise of any such securities, will be
subject to a statutory hold period expiring four months and one day
from the date of issuance of such securities.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and
may not be offered or sold within the
United States or to, or for account or benefit of, U.S.
Persons (as defined in Regulation S under the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws,
or an exemption from such registration requirements is
available.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking
statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause the Company's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. The Company
disclaims any obligation to update or revise any forward-looking
information or statements except as may be required.
SOURCE Principal Technologies Inc.
