Vancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - PK Beans (CSE: BEAN) (OTC Pink: PBBSF) ("Peekaboo Beans" or the "Company") announces that further to its news release dated September 3, 2021 the Company is pleased to announce the closing of the first tranche (the "First Tranche") of the private placement.
The first tranche resulted in the distribution of 16,687,930 units (the "Units") at a price of $0.05 (the "Private Placement") comprised of one common share of the Company (a "Share") and one common share purchase warrant (each a "Warrant") for gross aggregate proceeds of $834,396.50.
All securities issued in connection with the First Tranche closing of the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, expiring January 30, 2022.
Each Warrant will entitle the holder to purchase one additional common Share of the Company at a price of $0.10 until September 29, 2024. Traci Costa, a director and the CEO of the Company (the "Insider") participated in the First Tranche by purchasing a total of 1,787,930 Units, as described in further detail in the Company's news release dated September 3, 2021.
The Issuance of the securities to the Insider pursuant to the First Tranche closing of the Private Placement is considered to be a "related party transaction" subject to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.
In consideration for the services of certain eligible finders who introduced subscribers to the Private Placement, the Company issued 1,112,000 Warrants and paid cash commissions aggregating $55,600 to the finders.
The Company intends to use the proceeds from the Private Placement for inventory acquisition, marketing, and general working capital purposes.
About Peekaboo Beans Inc.
PK Beans is an integrated and innovative children's wellness brand. From sustainable clothing options that kids love to wear, to healthy foods that fuel children's play, our mission is to provide the ingredients for a playful life. Together with our monthly adventure subscription box, consisting of interactive and engaging activities that educate and entertain, developed by an Emmy award-winning child psychologist and devoted kid-experts, our goal is to enrich, empower and nourish children through quality nutrition, clothing and play - every day. The company maximizes revenue by reaching sellers and online retailers through an omnichannel approach.
To learn more about Peekaboo Beans, visit: www.pkbeans.com
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
(604) 279-2326
For more information, please contact the Company at:
ir@pkbeans.com
(604) 279-2326
Reader Advisory
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially f rom those in forward- looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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