Carbeeza Announces TSXV Final Acceptance on Prior Placements

Rhea-AI Summary

Carbeeza (TSXV:AUTO)(OTCQB:CRBAF) has received final acceptance from the TSX Venture Exchange for two private placements completed in 2024. The first placement, closed on July 29, 2024, raised $70,000 through the sale of 700,000 units, each comprising one common share and one warrant exercisable at $0.20 for 18 months.

The second placement, completed on September 26, 2024, involved issuing 12% convertible unsecured debentures for $300,000. These debentures, priced at $1,000 each, mature on September 26, 2026, and are convertible into units at $0.10 per unit. Each conversion unit includes one common share and one warrant exercisable at $0.20 for 24 months. No finder's fees were paid for either placement.

Positive

• Secured $370,000 total funding through two placements
• No finder's fees required for either placement, reducing costs

Negative

• High interest rate of 12% on convertible debentures
• Potential dilution from warrant exercises and debenture conversions
• Low unit pricing at $0.10 indicates weak market position

CALGARY, AB / ACCESS Newswire / February 27, 2025 / Carbeeza Inc. ("Carbeeza" or the "Company") (TSXV:AUTO)(OTCQB:CRBAF) today announced that, further to its news releases of July 30, 2024, and September 24, 2024, it has received final acceptance from the TSX Venture Exchange (the "Exchange") in regards to a private placements originally closed on July 29, 2024 and September 26, 2024, respectively.

On July 29, 2024, the Company sold a total of 700,000 units (each, a "Unit") for gross proceeds of $70,000. Each Unit sold consisted 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 $0.20 per Warrant.

On September 26, 2024, the Company issued 12% convertible unsecured debentures (the "Debentures") for gross aggregate proceeds of $300,000. The Debentures were issued at a price of $1,000 per Debenture and bear interest at a rate of 12% per annum, payable in arrears on the maturity date. The Debentures mature on September 26, 2026. The Debentures are convertible at any time prior to maturity at the option of the holders into units ("Conversion Units") of the Company at a conversion price of $0.10 per Conversion Unit. The Units will consist of one common share and one full common share purchase warrant ("Conversion Warrant") exercisable for a period of twenty-four months from the closing date at a price of $0.20 per Conversion Warrant.

There were no finder's fees payable in connection with the issuance of the Units or Debenture.

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Carbeeza Inc.

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 TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Sandro Torrieri, Chief Executive Officer
Email: Investorrelations@carbeeza.com
Telephone: 1-855-216-8802
Website: www.carbeeza.com

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company's business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

SOURCE: Carbeeza Inc.

View the original press release on ACCESS Newswire

FAQ

What are the terms of Carbeeza's (CRBAF) July 2024 private placement?

The July 2024 placement raised $70,000 through 700,000 units, each with one common share and one warrant exercisable at $0.20 for 18 months.

What is the conversion price for Carbeeza's (CRBAF) September 2024 debentures?

The debentures are convertible at $0.10 per Conversion Unit, with each unit including one common share and one warrant exercisable at $0.20.

When do Carbeeza's (CRBAF) September 2024 convertible debentures mature?

The debentures mature on September 26, 2026.

What is the interest rate on Carbeeza's (CRBAF) September 2024 convertible debentures?

The debentures bear interest at 12% per annum, payable in arrears on the maturity date.