VANCOUVER, B.C. (November 24, 2022) – Datable Technology Corporation (TSX-V: DAC) (“Datable” or the “Company”) is pleased to announce that further to its news release dated October 19, 2022, it has now completed the first tranche of its non-brokered private placement which consisted of 22,250,000 units of the Company (the “Units”) at a price of $0.02 per Unit for gross proceeds of approximately $445,000 (the “Offering”).
Each Unit consisted of one common share in the capital of the Company (each, a “Share”) plus one Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional Share at a price of $0.05 for a period of two years from the closing of the Offering.
The net proceeds from the Offering will be used to maintain or preserve the Company’s existing operations, activities and assets and will not primarily be used to pay management fees or investor relations activities.
All securities issued in connection with the second tranche of the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Kim Oishi, an insider of the Company, subscribed for 1,000,000 Units ($20,000) under the Offering (the “Insider Subscription”). The Insider Subscription constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 in respect of the Insider Subscription. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.
In connection with the closing of the first tranche of the Offering, the Company paid cash finder’s fees in the aggregate amount of $1,600 and issued 80,000 finder’s warrants (the “Finder’s Warrants”) to a certain qualified arm’s length finder. Each Finder’s Warrant is exercisable into one Share (each, a “Finder’s Warrant Share”) at an exercise price of $0.05 per Finder’s Warrant Share on or before November 24, 2024.
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 Corp.
About Datable Technology Corporation
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds’ most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party 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.