Lendified Announces Closing of Private Placement

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Toronto, Ontario–(Newsfile Corp. – December 23, 2020) – Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the “Company” or “Lendified“) is pleased to announce that the Company completed the second and final tranche of its previously announced offering of units of the Company (“Units“) consisting of 22,600,000 Units at a price of $0.025 per Unit for aggregate gross proceeds of $565,000 (the “Offering“), bringing the total size of the Offering to 31,400,000 Units for aggregate gross proceeds $785,000. Each Unit is comprised of one common share (“Shares“) in the capital of the Company and one common share purchase warrant (“Warrants“) exercisable at $0.05 per Share for a period of 36 months following the closing date of the Offering.

The proceeds derived from the Offering will be used for payment of certain expenses of the Company, including employee payrolls, trade payables, general office and administration expenses and professional fees.

In connection with the Offering, the Company paid an aggregate of $54,950 and issued 2,198,000 compensation options exercisable to acquire one Unit at a price of $0.05 per Unit for a period of 36 months following the closing date of the Offering, as finders’ fees to certain persons who assisted the Company with the Offering.

All of the securities issuable in connection with the Offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with TSX Venture Exchange (“TSXVE“) rules and Canadian securities laws. The Offering is subject to the final approval of the TSXVE and to all regulatory approvals.

Subscriptions by certain parties who are “related parties” of the Issuer accounted for $35,000 of the gross proceeds of the Offering. The purchase of securities in the Offering by such parties is a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (“MI 61-101“) and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101.

The securities being offered pursuant to the Offering 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 U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the Offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT LENDIFIED HOLDINGS INC.

Lendified, a company located in Ontario, Canada, is a Canadian FinTech company operating a lending platform which provides working capital loans to small businesses across Canada through a wholly-owned subsidiary.

Further Information

For further information regarding Lendified, please contact:

John Gillberry, Chief Executive Officer and Director
1-844-451-3594
john.gillberry@lendified.com

Neither the TSXVE nor its Regulation Services Provider (as that term is defined in the policies of the TSXVE) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including whether the Offering will be approved by the TSXVE or if the proceeds of the Offering will be sufficient for the Company’s purposes, whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company’s ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70978