Backstageplay Announces Non-Brokered Share Private Placement

Rhea-AI Summary

Backstageplay (TSXV: BP.H) has announced a non-brokered private placement offering of up to 2,500,000 common shares at $0.08 per share, aiming to raise gross proceeds of $200,000. The shares will have a four-month and one-day statutory hold period from closing. The company may pay finder's fees within TSX Venture Exchange policy limits. The proceeds will be used for general corporate working capital. The offering's closing is subject to corporate and regulatory approvals.

Positive

• Raising $200,000 in additional capital
• Strengthening working capital position

Negative

• Potential shareholder dilution through issuance of 2.5 million new shares
• Share price set at $0.08 indicates relatively low valuation

Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - Backstageplay Inc. (TSXV: BP.H) (the "Company") is pleased to announce a non-brokered private placement of shares (the "Offering") where the Company intends to issue up to 2,500,000 common shares (the "Shares") at a price of $0.08 per Share, for gross aggregate proceeds of $200,000. Issued Shares will be subject to a statutory hold period of four months and a day from the closing of the Offering.

The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSX Venture Exchange (the "Exchange"). The closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

The total proceeds from the Offering will be used for general corporate working capital.

For further information please contact:

Sean Hodgins, CFO (778) 318-1514

Scott White, CEO (416) 704-6611

Neither the 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.

All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, including statements regarding the closing of the non-brokered financing, the proposed use of funds, expectation of multiple closings of the private placement, are "forward-looking statements".

This news release does not constitute an offer to sell or a solicitation of an offer to sell 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230741

FAQ

How many shares is Backstageplay offering in its November 2024 private placement?

Backstageplay is offering 2,500,000 common shares in its non-brokered private placement.

What is the price per share for Backstageplay's private placement?

The shares are being offered at a price of $0.08 per share.

How much money is Backstageplay aiming to raise through this offering?

Backstageplay aims to raise gross proceeds of $200,000 through this private placement.

What is the hold period for shares issued in Backstageplay's private placement?

The issued shares will have a statutory hold period of four months and one day from the closing of the offering.