VANCOUVER, BC, June 20,
2024 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC) (FSE: J07), is pleased to
announce the closing of the first tranche ("Tranche 1") of
its previously announced non-brokered private placement (the
"Offering") with one investor, MRPT Invest UG
("MRPT"), a company owned and controlled by Markus Mair. The Company issued a total of
4,000,000 units at $0.25 per
unit for gross proceeds of $1,000,000. Each unit (a "Unit") will
consist of one common share (a 'Share") of the Company and
one common share purchase warrant (a "Warrant"). Each
Warrant entitles the holder to purchase one additional Share of the
Company at $0.30 for a period of two
(2) years from the date of closing. The Warrants are subject
to a blocker term that prohibits exercise of the Warrants to the
extent the holder would as a result of any exercise exceed 19.99%
of then issued Shares.
As a result of the acquisition of Units, Mr. Mair now owns
and/or controls directly and indirectly 7,003,333 Shares and
4,000,000 Warrants, representing 19% of the issued and outstanding
Shares of the Company and 26.92% on a partially diluted basis, but,
as noted above, Mr. Mair will be restricted to 19.99% at any one
time. Prior to this transaction, Mr. Mair, through MRX Invest UG (a
company owned and controlled by Mr. Mair), held 3,003,333 Shares of
the Company, representing 9.14% of the issued and outstanding
Shares of the Company. Mr. Mair selectively invests in growth
opportunities and has been a significant supporter of the Company
during the acquisition phase.
Mr. Mair and his related entities acquired these securities for
investment purposes and, as disclosed in the early warning report
accompanying this news release, may in the future acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions warrant.
This news release is being issued under the early warning
provisions of Canadian securities legislation. A copy of the early
warning report to be filed by Mr. Mair in connection with the
Offering will be available under the Company's profile on SEDAR+ at
(www.sedarplus.ca).
Proceeds of the Offering will be used for general
working capital and corporate purposes of the Company, including
those as may be required by Vivostat A/S ("Vivostat")
conditional on the closing of the acquisition of Vivostat.
All securities issued pursuant to Tranche 1 of the Offering, and
any Shares that may be issuable on exercise of any such securities,
will be subject to a statutory hold period expiring four months and
one day from the date of issuance of such securities. The Offering
remains subject to final approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive
Officer
Principal Technologies Inc.
Forward-looking
statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and
relevant.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits and approvals; political, economic and
other risks; as well as other risks and uncertainties which are
more fully described in our annual and quarterly Management's
Discussion and Analysis and in other filings made by us with
Canadian securities regulatory authorities and available at
www.sedarplus.ca. The Company disclaims any obligation to update or
revise any forward-looking information or statements except as may
be required.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Principal Technologies Inc.