/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, BC, Aug. 25, 2020 /CNW/ - Datable Technology Corporation (TSXV: DAC) (the "Company") announces that, it plans to close a non-brokered private placement of up to 10,000,000 units of the Company (the "Units") at $0.05 per Unit for gross proceeds of $500,000 (the "Offering") on or about August 31, 2020.
"This financing will provide us with much needed resources as we increase the scope and scale of the digital marketing solution that we provide to leading consumers brands," said Robert Craig, CEO of Datable. "This will top up the over $1 million we raised and announced on July 14, 2020, in which the directors of Datable invested over $780,000."
Each Unit consists of one common share in the capital of the Company (a "Share") and one Share purchase warrant (each Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional Share (a "Warrant Share") at a price of $0.08 per Warrant Share for a period of two years from the closing of the Offering.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring in accordance with applicable securities legislation. The net proceeds of the Offering will be used for sales and marketing, product development and for working capital.
The Company will pay eligible finders a fee (the "Finder's Fees") on the Offering within the amount permitted by the policies of the TSX Venture Exchange (the "Exchange").
Datable also announces the voting results from the Company's Annual General Meeting of shareholders held on July 31, 2020 (the "Meeting").
The four nominees as proposed in the Company's Notice and Management Information Circular dated June 29, 2020 were elected to the board of directors at the Meeting, being: Kim Oishi, Robert Craig, Yucai Huang and Adam Kniec, and shareholders approved the appointment of Dale Matheson Carr-Hilton LaBonte LLP, Chartered Professional Accountants, as auditor for the Company for the ensuing year.
The shareholders also approved, subject to TSX Venture Exchange approval, a resolution of disinterested shareholders, approving the increase in the number of common shares reserved for issuance pursuant to the Company's fixed share option plan, as amended, from 5,040,034 to 5,823,034 common shares and, also subject to TSX Venture Exchange approval, a resolution of disinterested shareholders, approving the number of common shares reserved as restricted share unit awards pursuant to the Company's fixed restricted share unit plan, as amended, from 5,040,034 to 5,823,034 common shares.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Datable Technology Corporation
DTC has developed a proprietary, mobile-based consumer marketing platform – PLATFORM³ – that is sold to global Consumer Packaged Goods (CPG) companies and consumer brands. PLATFORM³ is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM³ incorporates Artificial Intelligence and Machine Learning to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. Neither 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. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Datable Technology Corp.
For further information: Datable Technology Corporation, Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]