PowerBand Solutions’ (TSX.V: PBX) (OTCQB: PWWBF) (FRA: 1ZVA) has announced that it intends to complete a non-brokered private placement financing. The private placement should result in $5.3 million gross proceeds for PowerBand, which plans to use the money to support its continual development, growth, market expansion and for general working capital purposes. As announced by the company, the private placing will be comprised of up to 18,275,862 units to be offered at $0.29 per unit, resulting in the aforementioned $5.3 million. Each unit offered will be comprised of one common share as well as one common share purchase warrant, which will allow the holder to purchase one common share of the company for $0.49 up to 24 months after the initial purchase. PowerBand Solutions is a fintech provider disrupting the automotive industry by offering an integrated, cloud-based transaction platform that facilitates transactions among consumers, dealers, funders and manufacturers (“OEMs”). In the announcement, Powerband noted that it hopes to close the private placement over the next two weeks in one or more tranches. The announcement also indicated that finder warrants will be exercisable at $0.49 per common share for 24 months after the warrants are issued. While TSX.V has provided conditional approval for the private placement, the exchange must approve the closing.
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based transaction platform facilitates transactions among consumers, dealers, funders and manufacturers (“OEMs”). The platform enables users to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform — being trademarked under DRIVRZ — will be available across North American and global markets. For more information, please visit www.PowerBandSolutions.com.
NOTE TO INVESTORS: The latest news and updates relating to PWWBF are available in the company’s newsroom at http://ibn.fm/PWWBF
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