Perk Labs Announces Closing of Non-Brokered Private Placements

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Perk Labs Inc. announced the successful closing of non-brokered private placements, raising CAD $789,000 through the issuance of 78,900,000 units at $0.01 per unit and $25,000 through convertible debentures. The units consist of common shares and warrants, while the debentures mature in two years with a 15% annual interest rate. The proceeds will be utilized for general working capital, accounts payable, and employee salaries. A related party acquired $73,000 worth of units in the private placement.

Positive

• Successful closing of non-brokered private placements
• Raised CAD $789,000 through the issuance of 78,900,000 units at $0.01 per unit
• Additional $25,000 raised through convertible debentures
• Units include common shares and warrants
• Debentures mature in two years with a 15% annual interest rate
• Proceeds to be used for general working capital, accounts payable, and employee salaries
• Related party acquired $73,000 worth of units in the private placement

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / Perk Labs Inc. (CSE:PERK)(OTC PINK:PKLBF)(FRA:PKLB) ("Perk" or the "Company"), announced that it has closed its non-brokered private placements of units and convertible debentures.

Private Placement of Units

The Company closed a non-brokered private placement of 78,900,000 units ("Units") at a price of $0.01 per Unit for gross proceeds of CAD $789,000. Each Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.05 per Common Share for a period of 24 months from the closing.

Private Placement of Convertible Debentures

Perk Labs also announced that it closed a non-brokered private placement of convertible debentures ("Debentures") for gross proceeds of $25,000. The Debentures mature two years from the date of issuance and bear interest at a rate of 15% per annum. The Debentures are convertible into Common Shares at a conversion price of $0.05 per Common Share, subject to the terms and conditions set forth in the specific Debenture agreement.

All securities issued pursuant to the private placements are subject to a statutory hold period of four months and one day following the closing. The net proceeds from the private placements will be used for general working capital purposes, accounts payable, and employee salaries.

In connection with the private placements, B. Rogic, a "related party" of the Company (as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), acquired $73,000 of Units. The acquisition of Units by Mr. Rogic constituted a "related party transaction" within the meaning of MI 61-101. The Company relied on an exemption from the formal valuation requirements of MI 61-101, as no securities of the Company are listed or quoted on specified markets, and an exemption from the minority approval requirements of MI 61-101, as the fair market value of the participation in the private placement by Mr. Rogic did not exceed 25% of the Company's market capitalization.

About Perk Labs Inc.

Perk Labs Inc., (CSE:PERK)(OTCPINK:PKLBF)(FKT:PKLB), the owner of Getit Technologies Inc. and Perk Hero Software Inc. ("Perk Labs"), provides innovative mobile ordering and payment systems, allowing customers the ability to scan a QR code or NFC sticker to order and pay for their purchases directly from their phone. Perk Labs specializes in providing a single unified payment interface for complex purchase environments - environments that have multiple retailers processing an array of different transactions, including food and beverage purchases, merchandise sales, ticketing, registrations, donations, parking fees, and service payments. Perk Labs provides a custom-branded solution that is ideal for multi-transaction brands such as stadiums and arenas, university and college campuses, conference centers, hotels and resorts, festivals and events, and professional service companies.

For more information, contact:
Ryan Hardy
CEO
(833) 338-0299
investors@getittechnologies.io

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "may", "believe", "thinks", "expect", "exploring", "expand", "could", "anticipate", "intend", "estimate", "plan", "pursue", "potentially", "projected", "should", "will" and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of the Company's business strategies and its expectations concerning future operations, and expectations of future revenues for the Company. Although the Company considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

SOURCE: Perk Labs Inc.

View the original press release on accesswire.com

FAQ

How much was raised through the non-brokered private placements announced by Perk Labs Inc.?

Perk Labs Inc. raised CAD $789,000 through the issuance of 78,900,000 units at $0.01 per unit and an additional $25,000 through convertible debentures.

What do the units issued by Perk Labs Inc. consist of?

The units issued by Perk Labs Inc. consist of common shares and warrants.

What is the conversion price of the convertible debentures issued by Perk Labs Inc.?

The convertible debentures issued by Perk Labs Inc. have a conversion price of $0.05 per common share.

How will the proceeds from the private placements be utilized by Perk Labs Inc.?

The proceeds from the private placements will be used for general working capital, accounts payable, and employee salaries.

Who acquired $73,000 worth of units in the private placement by Perk Labs Inc.?

$73,000 worth of units in the private placement by Perk Labs Inc. were acquired by a related party, B. Rogic.