- PowerBand Solutions (PBX) has closed its private placement offering for gross proceeds of $12,775,901
- A total of 18,788,090 common shares were issued at a price of $0.68 per share, including the partial exercise of the agents’ over-allotment option
- Proceeds will be used to increase balance sheet liquidity, accelerate growth from DRIVRZ Financial, and launch DrivrzXchange and DrivrzLane
- PowerBand Solutions Inc is a technology provider
- PowerBand Solutions Inc. (PBX) is down 3.33 per cent, trading at C$0.87 per share at 11:30 am ET
PowerBand Solutions (PBX) has closed its private placement offering for gross proceeds of $12,775,901.
A total of 18,788,090 common shares were issued at a price of $0.68 per share, including the partial exercise of the agents’ option for 1,140,990 shares.
The offering was led by Desjardins Capital Markets and Scotiabank acting as co-bookrunners and co-lead agents.
PowerBand intends to use the net proceeds to increase balance sheet liquidity, accelerate growth from DRIVRZ Financial, and launch DrivrzXchange and DrivrzLane before the end of 2021.
The agents received a cash commission equal to 6.0% of the gross proceeds raised and compensation warrants equal to 6.0% of the shares sold under the offering. Each compensation warrant is exercisable for one common share for a period of 24 months, at the offering price.
Management and other company insiders subscribed for an aggregate of 1,308,825 shares for gross proceeds of $890,000.
Kelly Jennings, PowerBand CEO, stated,
“We are pleased to close this private placement with the support of our agents Desjardins and Scotiabank, and look forward to working with them and our new investors in achieving our vision for the Company’s growth.”
PowerBand Solutions Inc is a technology provider. It has developed a powerful suite of cloud-based Auction and Finance Portal software tools that deliver increased sales, efficiencies and profitability to its customers.
PowerBand Solutions Inc. (PBX) is down 3.33 per cent, trading at C$0.87 per share at 11:30 am ET.
