VANCOUVER, British Columbia, July 29, 2024 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (the "Company" or "Hapbee") (TSX-V: HAPB) (OTCQB: HAPBF) (FSE: HA1) – The Company is pleased to announce that it has now closed its previously announced non-brokered offering for aggregate gross proceeds of CA$2.72 million (the "Offering"). Hapbee also wishes to correct its previous announcement made July 8, 2024 of an initial closing of this non-brokered private placement. The earlier press release should have stated that the Company had simply received commitments from subscribers for up to CA$2.7 million.
Pursuant to the closing of the Offering, the Company issued a total of 22,693,753 units (the "Units") at CA$0.12 per Unit. As previously announced, each Unit consists of one (1) subordinate voting share (a "Share") and one-half (1/2) of one non-transferable Share purchase warrant (each whole such Share purchase warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one additional Share until July 26, 2026 at an exercise price of CA$0.24. The expiry date of the Warrants will be subject to acceleration following the closing of the Offering, at the discretion of the Company and as previously announced, if the Shares trade at or above CA$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.
All securities issued under this Offering are subject to a four month and a day hold period expiring on November 27, 2024. No finder's fees were paid in connection with this Offering.
The net proceeds raised from the Units will be used to fund product and business development, and for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The 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 may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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, mood, and others. Hapbee is available for purchase at Hapbee.com, Target stores and Target.com.
Neither Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Media Contact: Jonathan Sheeri
jon@hapbee.com
T: 1 888-841-7086
