Carbeeza Inc. Closes Unit Private Placement
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CALGARY, Alberta–(BUSINESS WIRE)–Carbeeza Inc. (formerly HIT Technologies Inc.) (“Carbeeza” or the “Company“) (TSX.V:AUTO) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement“) of units of the Company (“Units”).
Pursuant to the closing of the Private Placement, the Company issued 6,250,000 units of the Company (“Units”) at a price of $0.20 per Unit for gross proceeds of $1,250,000, all of which were issued to insiders of the Company. The net proceeds of the Private Placement will be used by the Company to scale up the marketing campaign, to expedite the Company’s move into the United States market and for general corporate purposes.
The Units consist of one common share and one full common share purchase warrant (“Warrant”) exercisable for a period of eighteen months from the closing date at a price of $0.25 per warrant.
The purchase by insiders of Units pursuant to Offering constitutes a related party transaction, as defined under applicable securities laws. The fair market value of the subject matter and consideration paid by insiders under the Offering is less that 25% of the Company’s market capitalization and the Company is relying on the exemptions under Section 5.5(a) and Section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders In Special Transactions.
The Common Shares and the Common Shares issuable upon exercise of the Warrants, will be subject to a four month and one day hold period in accordance with applicable securities laws and the policies of the Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The 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 may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.
ON BEHALF OF THE BOARD OF DIRECTORS OF CARBEEZA INC.
Sandro Torrieri, Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release contains forward-looking statements or information (“forward-looking statements”). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
For further information please contact:
Sandro Torrieri, Chief Executive Officer