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HIRE Technologies Inc. (OTCQB: HIRRF) has completed the sale of select assets from its Headhunters business unit to The Headhunters Recruitment Inc. and related parties. This transaction is categorized as an 'Exempt Disposition' under TSX Venture Exchange policies. CEO Simon Dealy indicated that the divestment reduces liabilities, including a significant $4.7 million contingent consideration, thus enhancing the company's financial standing. The Purchasers acquired THH's trademark, domain, and website, while employees of the business are offered continued employment. The sale is anticipated to yield a gain, contributing to a reduction in current liabilities by $4.7 million in Q2-2023, alongside a promissory note to the Purchasers for approximately $71,334.
HIRE Technologies Inc. (OTC PINK: HIRRF) announced its application for a temporary management cease trade order (MCTO) from the Ontario Securities Commission following delays in filing its audited financial statements for the year ended December 31, 2022. This delay is attributed to challenges in completing the financial audit, including the recent resignation of the CFO and complexities related to the divestiture of The HeadHunters business unit. The MCTO will prevent the CEO from trading Company securities until the Required Filings are completed, but the general public can still trade the Company's listed securities. HIRE aims to submit the Required Filings by June 30, 2023, and is committed to transparency during this process.
HIRE Technologies Inc. (OTCQB: HIRRF) announces the non-closing of additional tranches for its non-brokered private placement financing ahead of the March 16, 2023 deadline. The company plans to initiate a new non-brokered private placement offering up to 25 million common shares at $0.03 each, potentially raising $750,000. Proceeds will be allocated for general corporate purposes and working capital. There are currently no investor commitments for the new placement, which is subject to TSX Venture Exchange approval. Previous securities offerings remain unregistered in the U.S.
HIRE Technologies (OTCQB: HIRRF) announced a definitive agreement to sell select assets from its Headhunters unit, which includes the trademark, domain name, and website. This transaction will eliminate a $4.7 million capital commitment and allow HIRE to record a gain in Q1 2023. The asset sale includes a nominal cash payment and assumption of specified liabilities by the buyers, alongside a mutual release from prior claims related to the September 2021 acquisition of The Headhunters Recruitment Inc. The sale is conditionally approved by secured lenders and is an Exempt Disposition per TSX Venture Exchange policies.
HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) received a second extension from TSX Venture Exchange to finalize a non-brokered private placement of up to $1,000,000. This extension allows until March 16, 2023 to complete the offering. HIRE has raised $500,010.01 in the first tranche by issuing 16,667,000 common shares at $0.03 per share. The offering is subject to final acceptance by TSXV, with all securities under a four-month hold period in Canada. This update emphasizes HIRE's commitment to financing its growth strategy while seeking to build a strong portfolio in human resources solutions.
HIRE Technologies Inc. (OTCQB: HIRRF) announced the resignation of its Chief Financial Officer, Charlie Cooper, effective February 10, 2023. The company expressed gratitude for his contributions and plans to appoint a new financial leader shortly. HIRE Technologies focuses on modernizing human resources solutions and aims to become a market leader in workforce management and staffing. With a strong recurring revenue base and a scalable services platform, HIRE is positioning itself to create significant value for its partners and shareholders.