PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) is pleased to announce that it has received conditional approval from the TSX Venture Exchange to issue a non-brokered private placement of up to 7,692,308 units at a price of $0.065 each for total proceeds of up to $500,000. Each unit will be comprised of one common share of the company and one half of one common share purchase warrant of the company. Each warrant entitles the holder to obtain, for no additional consideration, one common share, subject to adjustments, at an exercise price of $0.15 each for a period of 24 months from the date of issuance. The private placement is anticipated to close in tranches that are anticipated to be completed by January 17, 2020. The company also announced the successful close of the first tranche of the private placement. A total of 1,538,461 units, at a price of $0.065 each, have been issued for total gross proceeds to the company of $100,000. PowerBand plans 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. All securities issued in connection with the private placement are subject to a 4-month and one day hold period in Canada.
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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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