Vancouver, British Columbia (March 31, 2021) – Datable Technology Corporation (TSXV:DAC) (the “Company”) announces that further to its news release dated March 23, 2021, it has closed the first tranche of a non-brokered private placement of unsecured convertible debentures (the “Debentures”) for gross proceeds of up to $3,000,000 (the “Offering”). The first tranche of the Offering comprised of Debentures of aggregate principal amount of $1,505,000 closed today, with the second close expected on or about April 9, 2021.
The Debentures incur interest of 10% per annum, on a semi-annual basis, payable in common shares of the Company (“Shares”). The Debentures mature on March 31, 2024 (the “Maturity Date”).
The principal amount of the Debentures is convertible into units (the “Units”) of the Company at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The conversion price is $0.13 per Unit. Each Unit will consist of one Share and one-half Share purchase warrant (each whole Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share (a “Warrant Share”) at a price of $0.20 per Warrant Share for a period of two years from the date of the conversion. After August 1, 2021, the Company will have the right to force the conversion of the Debentures at the conversion price of $0.13 if the Shares trade on the TSX Venture Exchange (the “Exchange”) at a volume weighted average trading price of $0.26 or greater for 20 consecutive trading days.
All securities issued in connection with the first tranche of the Offering are subject to a statutory hold period expiring on August 1, 2021 in accordance with applicable securities legislation. The net proceeds of the Offering will be used for sales and marketing, product development and for working capital.
The Company paid eligible finders a commission in the aggregate amount of $99,750 on the first tranche of the Offering within the amount permitted by the policies of the Exchange.
In addition, an aggregate of 97 non-transferable finder’s warrants (the “Finder’s Warrants”) were issued to eligible finders. Each Finder’s Warrant entitles the holder to purchase one additional Debenture at a price of $1,000 per Debenture until March 31, 2023.
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.
For further information, please contact:
Datable Technology Corporation
Chief Executive Officer
About Datable Technology Corporation
Datable has developed a proprietary, mobile-based consumer marketing platform – PLATFORM³ – that is sold to global Consumer Packaged Goods (CPG) companies and consumer brands. PLATFORM³ is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM³ incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.