MONTREAL, July 08, 2024 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), the Canadian-based wearable, wellness technology company and creator of the Hapbee neckband and sleep pad is pleased to announce the closing of the Company's non-brokered private placement of units of the Company (“Units”) at a price of $0.12 per Unit for total gross proceeds of $2,700,000 CAD (the “Offering”).
“We would like to thank all of our new and existing shareholders for the overwhelming support received during this recent financing,” said Yona Shtern, CEO of Hapbee. “With an additional $2.7 million in growth capital now in our treasury, we are in a position to accelerate our growth by expanding distribution channels, design and manufacturing of new form factors and increasing marketing resources while increasing our brand visibility. Our goal remains to provide as many customers as possible with the Hapbee product as we believe people deserve to be in greater control of how they feel.”
Each Unit consists of one subordinated voting share in the capital of the Company (each, a “Share”) and one half subordinated voting share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder thereof to acquire one Share for a period of two years from the closing of the Offering at an exercise price of $0.24 per Share.
The net proceeds received by the Company from the Offering will be used for product development, business development, working capital and general corporate purposes.
The expiry date of the Warrants will be subject to prior acceleration following the closing of the Offering, at the discretion of the Company. As previously announced, if the Shares trade at or above $0.50 on the TSX Venture Exchange (the “Exchange”) for a period of 10 consecutive trading days after the expiry of the four-month hold period, the Company may issue a news release accelerating the expiry date to 60 days after the filing of such news release.
Closing of the Offering is subject to certain customary conditions, including, without limitation, approval of the Exchange. The securities to be issued under the Offering will be offered by way of private placement pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Offering will be subject to a hold period which will expire four months and one day from the date of closing.
About Hapbee
Canadian-based Hapbee is a wearable wellness technology company that aims to help people enhance how they feel. Powered by patented ultra-low radio frequency energy (ulRFE®) technology, Hapbee delivers low-power electromagnetic signals designed to produce sensations to assist with Sleep, Performance, and Mood, and others. Hapbee is available for purchase at Hapbee.com, Target stores and Target.com.
Forward-Looking Statements
Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company’s ability to meet its planned product marketing and development initiatives and the Company’s ability to achieve its e-commerce rollout and full-scale commercial launch as anticipated.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, delays in design, production, manufacturing, development or releases of signal blends, collection of data from customer use, or the Company may not be able to achieve its targets as anticipated or at all; changes in legislation and regulations; increase in operating costs; equipment failures; failure of counterparties to perform their contractual obligations; litigation; the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These risks, uncertainties and assumptions could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Media Contact: Jonathan Sheeri
jon@hapbee.com
T: 1 888-841-7086
www.hapbee.com
