POSaBIT Closes Non-Brokered Unit Offering to Fund Convertible Unsecured Note Maturity
Summary
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF) (the "Company" or "POSaBIT"), a leading provider of payments infrastructure in the cannabis industry, is pleased to announce that, further to its previous press release dated December 21, 2023, it has closed a non-brokered private placement of 3,107,142 units of the Company (the "Units"), at a price of CAD$0.28 per Unit, for aggregate gross proceeds of approximately CAD$870,000 or USD$650,000 (the "Offering") to fund the repayment of certain convertible promissory notes at maturity.In connection with the Offering, each Unit is comprised of one (1) common share in the capital of the Company ("Common Shares") and 0.88 Common Share purchase warrants (each whole warrant, a "Warrant"). Accordingly, it was not possible to publicly disclose details of the nature and extent of related party participation in the transactions contemplated hereby pursuant to a material change report filed at least 21 days prior to the completion of such transactions.POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech, working exclusively within the cannabis industry. For additional information, visit www.posabit.com.Neither the Canadian Securities Exchange nor the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.This press release contains forward-looking statements, including statements regarding our expectations around business strategy, financing events and courses of action. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as "anticipate," "objective," "may," "will," "might," "should," "could," "can," "intend," "expect," "believe," "estimate," "predict," "potential," "plan," "is designed to" or similar expressions suggesting future outcomes or the negative thereof or similar variations, including the Companys expectations regarding the use of proceeds from the Offering. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including business, economic and capital market conditions; the ability to manage our operating expenses, which may adversely affect our financial condition; regulatory uncertainties; market conditions and the demand and pricing for our products; and our relationships with our customers, stakeholders, distributors and business partners.Neither we nor any of our representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.