Lendified Announces Satisfaction of Receiver Release Conditions and Release of Proceeds from Receiver
Toronto, Ontario – (Newsfile Corp. – August 6, 2021) – Lendified Holdings Inc. (TSXV: LHI) (formerly Hampton Bay Capital Inc.) (the “Company” or “Lendified“) is pleased to announce that it has satisfied the conditions for the release of the escrow and the release of escrow funds from its private placement of Company Subscription Receipts (“Subscription receipts“), as announced on June 16, 2021 and July 14, 2021, for gross proceeds of $ 1,837,500 (the”OfferIn connection with the offering, Lendified issued 36,750,000 subscription receipts at a price of $ 0.05 per subscription receipt and 790,500 subscription receipts in settlement of corporate finance fees. Each subscription receipt has was automatically exchanged for a share of the Company (a “Unity“) composed of one ordinary share of the capital of the Company (each, one”Ordinary share“) and one common share purchase warrant (each, a”To guarantee“), each warrant entitling its holder to purchase one common share at a price of $ 0.07 for a period of 24 months following satisfaction of the terms of release from escrow. In connection with the offering, the Company paid a cash commission of $ 92,225 and issued 1,844,500 non-transferable broker’s warrants exercisable to acquire units at $ 0.05 per unit for a period of 24 months following satisfaction of the conditions of Escrow release. Following the exchange of subscription receipts, a total of 37,540,500 common shares and 37,540,500 warrants were issued.
The net proceeds of the Offering will be used for additions of key professional personnel, regulatory and compliance costs and general working capital purposes.
All securities issued in connection with the offering are subject to a holding period of four months and one day from the closing date of the offering in accordance with applicable securities laws.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, persons of the United States. – United in the absence of registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell securities in the United States.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company that operates a lending platform that provides working capital loans to small and medium-sized businesses across Canada.
For more information on Lendified, please contact:
John Gillberry, CEO and Director
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that reflect the Company’s current expectations regarding future events. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan,” estimate “,” expect “,” intend “and statements according to. which an event or result “may”, “will”, “should”, “could” or “could” occur or be achieved and other similar expressions. These forward-looking statements involve risks and uncertainties, including, but not limited to, if the effects of the COVID -19 pandemic will be even more severe than it has been to date, which could lead to results, performance or achievements that are significantly different from the results discussed or implied in forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company, there can be no assurance that such information will prove to be accurate, as actual results and results Future events could differ materially from those anticipated in this information. The Company’s current quarterly filings should be consulted for additional information on the risks and uncertainties associated with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. All forward-looking information contained in this press release is given as of the date hereof and is based on the opinions and estimates of management and on information available to management as of the date hereof. Management assumes no obligation to update or modify any forward-looking statements, whether as a result of new information, other events or otherwise.
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