{"id":381204,"date":"2020-11-13T19:18:07","date_gmt":"2020-11-14T00:18:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381204"},"modified":"2020-11-13T19:18:07","modified_gmt":"2020-11-14T00:18:07","slug":"posabit-closes-non-brokered-private-placement-of-convertible-notes-and-warrants","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/posabit-closes-non-brokered-private-placement-of-convertible-notes-and-warrants\/","title":{"rendered":"POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants"},"content":{"rendered":"

<\/p>\n

POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants<\/b><\/p>\n

Not for distribution to United States newswire services or for dissemination in the United States<\/i><\/b><\/p>\n

TORONTO & SEATTLE–(BUSINESS WIRE<\/a>)–
\nPOSaBIT Systems Corporation (CSE: PBIT) (“POSaBIT” or the “Company”) announces that it has closed a non-brokered private placement (the \u201cOffering\u201d) of an aggregate of US$1,040,000 principal amount of 12% convertible unsecured notes due December 31, 2023, convertible into common shares of the Company (\u201cCommon Shares\u201d) at a conversion price of C$0.12 per Common Share, and 5,650,231 common share purchase warrants (the \u201cWarrants\u201d). Each Warrant will entitle the holder to purchase one Common Share for a period of five years at an exercise price of C$0.12 per Common Share. The Company received aggregate gross proceeds from the Offering of US$1,040,000.\n<\/p>\n

\nThe securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.\n<\/p>\n

\nThe net proceeds raised under the Offering will be used for general working capital and corporate purposes.\n<\/p>\n

\nIn connection with the Offering, the Company paid to Canaccord Genuity Corp. finder\u2019s fees consisting of $64,350 in cash and 349,608 finder\u2019s warrants, with each finder\u2019s warrant exercisable to acquire one Common Share of the Company until November 13, 2022 at an exercise price of C$0.12 per share.\n<\/p>\n

\nThis press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.\n<\/p>\n

About POSaBIT <\/b><\/p>\n

\nPOSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative, blockchain-enabled payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware. POSaBIT\u2019s unique solution provides a safer and transparent environment for merchants while creating a better overall experience for the consumer. For additional information, visit: www.posabit.com<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201113005715\/en\/<\/a><\/span><\/p>\n

Investor Relations:
\n<\/b>
investors@posabit.com
\n<\/a><\/p>\n

Media Relations:
\n<\/b>
Oscar Dahl
\n
206-660-7246
\n
oscar@posabit.com
\n<\/a><\/p>\n

Management:
\n<\/b>
Ryan Hamlin
\n
Co-Founder and CEO of POSaBIT
\n
855-767-2248
\n
investors@posabit.com<\/a><\/p>\n

KEYWORDS:<\/b> North America Canada<\/p>\n

INDUSTRY KEYWORDS:<\/b> Technology Finance Other Retail Tobacco Specialty Professional Services Software Hardware Retail<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants Not for distribution to United States newswire services or for dissemination in the United States TORONTO & SEATTLE–(BUSINESS WIRE)– POSaBIT Systems Corporation (CSE: PBIT) (“POSaBIT” or the “Company”) announces that it has closed a non-brokered private placement (the \u201cOffering\u201d) of an aggregate of US$1,040,000 principal amount of 12% convertible unsecured notes due December 31, 2023, convertible into common shares of the Company (\u201cCommon Shares\u201d) at a conversion price of C$0.12 per Common Share, and 5,650,231 common share purchase warrants (the \u201cWarrants\u201d). Each Warrant will entitle the holder to purchase one Common Share for a period of five years at an exercise price of C$0.12 per Common Share. The Company received … <\/p>\n

Continue reading “POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381204","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPOSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/posabit-closes-non-brokered-private-placement-of-convertible-notes-and-warrants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"POSaBIT Closes Non-Brokered Private Placement of Convertible Notes and Warrants Not for distribution to United States newswire services or for dissemination in the United States TORONTO & SEATTLE–(BUSINESS WIRE)– POSaBIT Systems Corporation (CSE: PBIT) (“POSaBIT” or the “Company”) announces that it has closed a non-brokered private placement (the \u201cOffering\u201d) of an aggregate of US$1,040,000 principal amount of 12% convertible unsecured notes due December 31, 2023, convertible into common shares of the Company (\u201cCommon Shares\u201d) at a conversion price of C$0.12 per Common Share, and 5,650,231 common share purchase warrants (the \u201cWarrants\u201d). 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