Vancouver, British Columbia, October 1, 2019. Datable Technology Corporation (TSXV:DAC) (the “Company”) announces that further to its news release dated September 24, 2019, it has completed its non-brokered private placement of 14,300,000 units of the Company (the “Units”) at $0.05 per Unit for gross proceeds of $715,000 (the “Offering”).
Each Unit consists of one common share in the capital of the Company (a “Share”) and one Share purchase warrant (each Share purchase warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional Share (a “Warrant Share”) at a price of $0.08 per Warrant Share for a period of two years from the closing of the Offering.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on February 2, 2020 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 has paid eligible finders a cash commission (the “Finder’s Fees”) in the aggregate amount of $18,030 on the Offering within the amount permitted by the policies of the TSX Venture Exchange (the “Exchange”). $12,500 of these Finder’s Fees were paid through the issuance of 250,000 Units.
In addition, an aggregate of 360,600 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 Share at a price of $0.08 per Share for a period of two years from the closing of the Offering.
Two insiders of the Company, Kim Oishi, Executive Chairman, and Rob Craig, CEO, participated in the Offering and purchased an aggregate of 4,520,000 Units. The issuance to the insiders is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions as the fair market value of the Units issued to or the consideration paid by such insider did not exceed 25% of the Company’s market capitalization.
Kim Oishi (the “Shareholder”) announces the filing of an early warning report in connection with the acquisition of 3,000,000 Units under the Offering. These 3,000,000 Units are held indirectly by the Shareholder, who has control and direction over these 3,000,000 Units.
Prior to the Offering, the Shareholder owned and controlled both directly and indirectly a total of 5,243,191 Shares, representing 9.99% of the issued and outstanding share capital of the Company as of September 30, 2019, and assuming the exercise of 400,000 stock options directly held by the Shareholder and a total of 2,366,287 warrants held indirectly by the Shareholder, would hold a total of 8,009,478 Shares, representing 14.48% of the issued and outstanding share capital of the Company as of September 30, 2019.
Following the closing of the Offering, the Shareholder holds both directly and indirectly, a total of 8,243,191 Shares, representing 12.28% of the issued and outstanding share capital of the Company, and assuming the exercise of the options and warrants, will hold a total of 14,009,478 Shares, representing 19.22% of the issued and outstanding common shares of the Company.
An early warning report respecting the acquisition of the Units has been filed under the Company’s SEDAR profile at www.sedar.com.
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
DTC 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 Artificial Intelligence and Machine Learning 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.
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.