PowerBand Solutions’ (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) has announced that the company has closed on its previously announced nonbrokered private placement. As announced on Jan. 22, 2021, the placement was comprised 18,275,862 units; each unit, which included one common share of the company and one share purchase warrant of the company, was sold at $0.29. In addition, each warrant holder allows the holder to receive on common share for no additional consideration for an exercise price of $0.49 per share for up to 24 months after their date of issuance. The private placement was fully subscribed, resulting in total proceeds of C$5.3 million with cash finders’ fees paid at arm’s length that equaled $92,802.52. Finder warrants are exercisable at $0.49 per common share for a period of 24 months after their date of issuance. In the announcement, the company noted it intends to use the funds to supports its continued expansion efforts in the United States as well as software and business development and other general administration and working purposes.
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions among consumers, dealers, funders and manufacturers (“OEMs”). The platform enables users to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — will be available across North American and global markets. For more information, please visit www.PowerBandSolutions.com.
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