Toronto, Ontario--(Newsfile Corp. - June 30, 2023) - BnSellit Technology Inc. (CSE: BNSL) (the "Corporation") is pleased to announce that it has closed a third tranche of a non-brokered private placement offering (the "Offering") of 1,589,434 units (each a "Unit") for gross proceeds of $95,366 at a price of $0.06 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into common shares at a price of $0.10 per Warrant expiring on December 31, 2024. Including the first and second tranches that closed on April 12, 2023 and April 21, 2023, total gross proceeds to date on the Offering was $376,738.
$35,122 of the Offering was subscribed to by directors and officers of the Corporation (the "Related Parties"). The issuance of the Units to Related Parties constitutes a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation was exempt from the MI 61-101 valuation and minority approval requirements for related party transactions in connection with the Shares for Debt Transaction under sections 5.5(a) and 5.7(1)(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 the Consultant, exceeds 25% of the Corporation's market capitalization (as determined under MI 61-101).
The gross proceeds received by the Corporation will be used for working capital purposes. All securities issued under the Offering are subject to a statutory hold period until October 31, 2023.
For further information, please contact:
Antonio Comparelli, Chief Executive Officer
Email: tc@bnsellit.com
Tel: 416-720-8677
Chris Carmichael, Chief Financial Officer
Email: chrisc@bnsellit.com
Tel: 647-225-4337
About BnSellit Technology Inc.
BnSellit Technology Inc. is a cutting-edge technology company that develops advanced AI platforms for the hospitality industry designed to enhance the guest experience. Our flagship products, BnSellit and Metaguest.AI are comprehensive solutions that addresses all aspects of the guest journey, from pre-arrival to post-departure. Features include on-property e-commerce with electronic payments, real-time in-room service management, mobile check-out, personalized in-room controls, local experience/event bookings, virtual personal concierge and more. Guests engage in over 16 languages, on any connected device and without the need to download an app or visit a web site. By leveraging the platforms, hotels, resorts and short-term rental property owners can improve their operational efficiency, personalize the guest experience, increase revenue and overall customer satisfaction.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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