PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) on Tuesday announced the closing of a non-brokered, fully subscribed private placement of 7,692,307 units at a price of $0.065 each for total proceeds of $500,000. Each unit consists of one common share and one half of one common share purchase warrant of the company. Each warrant authorizes the holder to receive, for no additional consideration, one common share, subject to adjustments, at an exercise price of $0.15 for 24 months from the date of issuance. All securities issued are subject to a 4-month and one day hold period in Canada. PowerBand intends to utilize the gross proceeds of the private placement to fund its continued U.S. expansion, business development, software development, administration and for general working capital purposes.
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About PowerBand Solutions Inc.
PowerBand Solutions is a technology provider listed on the TSX Venture Exchange. The company’s cloud-based platform is revolutionizing the buying, selling, leasing and auction of vehicles. With the receipt of its exporter license and its acquisition of MUSA Auto Finance, PowerBand is well positioned to become a leader in the cross-border, used-vehicle export market, the used-vehicle auction market and the vehicle leasing market in the United States and Canada. For more information, visit the company’s website at www.PowerBandSolutions.com.
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