Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “DTC”), announced on May 14, 2020 that it intends to increase the previously announced non-brokered private placement to up to 20,000,000 units of the Company (the “Units“) at $0.05 per Unit for gross proceeds of approximately $1,000,000 (the “Offering“).
Each Unit consists of one common share in the capital of the Company (a “Share“) and one share purchase warrant (a “Warrant“). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company (a “Warrant Share“) at a price of $0.08 per Warrant Share for a period of two years from the closing of the Offering.
In connection with the Offering, Mr. Kim Oishi, a director and Executive Chairman of the Company, and Mr. Rob Craig, a director and CEO of the Company plan to complete a “swap” (the “Swap“), whereby they sold 8,364,850 common shares of their personal holdings at a price of $0.035 per share on May 12, 2020 and a further 500,000 common shares at a price of $0.035 on May 14, 2020 and a further 1,195,000 common shares at a price of $0.035 on May 19, 2020 and a further 1,400,000 common shares at a price of $0.035 on May 21, 2020. Mr. Oishi and Mr. Craig will use the proceeds from this sale to participate in the Offering and plan to purchase at least 11,500,000 Units.
The net proceeds of the Offering will be used for sales and marketing, product development and for working capital.
The Company may pay a commission to eligible finders in the amounts permitted by the TSX Venture Exchange. Closing of the Offering and the Swap are subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering and the Swap will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with the policies of Exchange and 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.
