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Datable Technology Corporation Completes Non-Brokered Private Placement and Announces Shares for Debt Settlement


News provided by

Datable Technology Corp.

Mar 11, 2020, 02:03 ET

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/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, March 10, 2020 /CNW/ - Datable Technology Corporation (TSXV:DAC) (the "Company") announces that further to its news release dated March 2, 2020, it has completed the first tranche of its non-brokered private placement, consisting of 3,000,000 units of the Company (the "Units") at $0.05 per Unit for gross proceeds of approximately $150,000 (the "Offering").

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 are subject to a statutory hold period expiring on July 11, 2020 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 has paid eligible finders a cash commission (the "Finder's Fees") in the aggregate amount of $14,250 on the Offering within the amount permitted by the policies of the TSX Venture Exchange (the "Exchange").  $12,500 of these Finder's Fees were paid through the issuance of 250,000 Units.  The Company expects to close a second tranche in the coming weeks.

In addition, an aggregate of 285,000 non-transferable finder's warrants (the "Finder's Warrants"), were issued to eligible finders.  Each Finder's Warrant entitles the holder to purchase one additional Share at a price of $0.08 per Share for a period of two years from the closing of the Offering.

Debt Settlement

The Company announces that it has entered into a debt settlement agreement (the "Settlement Agreement") with a certain arms-length creditor (the "Creditor") to settle an aggregate $47,250 in debt (the "Debt") for services provided by the Creditor to the Company (the "Services").  In settlement and full satisfaction of the Debt in connection with the Services, the Company has agreed to issue to the Creditor an aggregate 945,000 common shares in the capital of the Company (the "Debt Shares") at a deemed issue price of C$0.05 per Debt Share (the "Debt Settlement").  The issuance of the Debt Shares is subject to receipt of Exchange approval.

The Company also announces that it has entered into another debt settlement agreement (the "Settlement Agreement") with a certain arms-length creditor (the "Creditor") to settle an aggregate $25,000 in debt (the "Debt") for services provided by the Creditor to the Company (the "Services").  In settlement and full satisfaction of the Debt in connection with the Services, the Company has agreed to issue to the Creditor an aggregate 500,000 common shares in the capital of the Company (the "Debt Shares") at a deemed issue price of C$0.05 per Debt Share (the "Debt Settlement").  The issuance of the Debt Shares is also subject to receipt of Exchange approval.

All Debt Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Debt Shares in accordance with applicable securities legislation.

In addition, the Company has granted 4,350,000 restricted share units to employees, consultants and directors of the Company pursuant, subject to receipt of TSX Venture Exchange approval.

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.

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.

For additional information about the Company, please visit www.sedar.com.  The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.  Neither the 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 news 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 expectations.  Important factors 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 news 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.

Datable Technology Corporation, Robert Craig, Chief Executive Officer, (604) 639-5441, [email protected]

Related Links

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Organization Profile

Datable Technology Corp.

    Also from this source

  • DATABLE TECHNOLOGY CORPORATION ANNOUNCES EFFECTIVE DATE OF CONSOLIDATION

  • DATABLE TECHNOLOGY CORPORATION AMENDED FIXED SHARE OPTION PLAN AND AMENDED FIXED RESTRICTED SHARE UNIT PLAN RECEIVED SHAREHOLDER APPROVAL AT SEPTEMBER 9, 2022 ANNUAL GENERAL MEETING

  • DATABLE TECHNOLOGY ANNOUNCES SHARE CONSOLIDATION, REPLACEMENT OF OUTSTANDING DEBENTURES AND FINANCING AND PROVIDES UPDATE ON LOI WITH LOCAL MARKETING SOLUTIONS GROUP

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