Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “DTC”), formerly 3TL Technologies Corp., announces, further to its news release dated May 27, 2019, that it has today closed its non-brokered private placement of 6,754,000 units of the Company (the “Units“) at $0.08 per Unit for gross proceeds of $540,320 (the “Offering“).
Each Unit consists of one common share in the capital of the Company (a “Share“) and one-half of a Share purchase warrant (each whole Share purchase warrant, a “Warrant“). Each Warrant entitles the holder to purchase one additional Share (a “Warrant Share“) at a price of $0.15 per Warrant Share until May 30, 2021.
The net proceeds of the Offering will be used for sales and marketing, product development and for working capital.
The Company paid an eligible finder a cash commission in the aggregate amount of approximately $3,824 on the Offering within the amount permitted by the policies of the TSX Venture Exchange.
In addition, 398,400 Units were issued to an eligible finder along with 398,400 non-transferable finder’s warrants (the “Finder’s Warrants“). Each Finder’s Warrant entitles the holder to purchase one additional Share (a “Finder’s Warrant Share“) at a price of $0.15 per Finder’s Warrant Share until May 30, 2021. Another eligible finder also received 45,045 Finder’s Warrants.
Kim Oishi, Executive Chairman of the Company, subscribed to 3,672,750 Units which participation is considered as 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 Company is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the Offering by Mr. Oishi does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61‐101.
All securities issued in connection with the Offering 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.
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.
SOURCE Datable Technology Corp.