InvestorNewsBreaks – PowerBand Solutions Inc. (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) Announces up to $12M Brokered Private Placement, Results of Annual General Meeting

June 16, 2021 08:40:40
PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, has announced its entry into an agreement with Desjardins Capital Markets and Scotiabank, acting as co-bookrunners and co-leads (the “agents”). Under the agreement, the agents have agreed to sell, on a best-efforts private placement basis, up to 17,647,100 common shares of the company, each at a price of $0.68, for gross proceeds of up to $12,000,028. The company has granted the agents an option, exercisable in whole or in part, to sell up to an additional 15% of the offering at the issue price for market stabilization purposes and to cover over-allotments, if any. Total gross proceeds will be approximately $13,800,032 if the agents’ option is exercised in full. PowerBand intends to use the proceeds to fortify its balance sheet, accelerate growth from DRIVRZ Financial and launch DrivrzXchange and DrivrzLane before the end of 2021. “This transaction serves to de-risk our business plan and enables us to attract new capital markets partners and sophisticated investors as we continue to accelerate growth and scale our business,” said PowerBand CEO Kelly Jennings. “This is a very strategic financing as it positions all three business segments to contribute to financial results in 2022.” In addition, the company today announced the results of voting at its annual general meeting of shareholders, which was held virtually on Tuesday, June 15, 2021. According to the update, shareholders voted in favor of all items put forward by the board of directors and management. These include: the number of directors was set at six; MNP LLP has been appointed as the company’s auditor; the 2021 Incentive Stock Option Plan (20% Fixed Plan) was approved by disinterested shareholders, reserving for issuance up to 33,372,093 common shares of the company; and the 2021 Restricted Share Unit Plan was approved by disinterested shareholders, reserving for issuance a maximum of 8,000,000 common shares of the company. To view the full press releases, visit https://ibn.fm/24jjK and https://ibn.fm/lENrK 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 platform facilitates transactions amongst consumers, dealers, funders and manufacturers (“OEMs”). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles on any phone, tablet or PC connected to the internet. PowerBand’s transaction platform – DRIVRZ – will be available across North American and global markets. For more information, 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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