PowerBand Solutions Announces Closing of Private Placement
Summary
TORONTO, ON / ACCESSWIRE / October 2, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC Pink:PWWBF)(Frankfurt:1ZVA) ("PowerBand" or the "Company"), a fintech platform targeting the formation of lease originations for the automotive industry, is pleased to announce it has completed its non-brokered private placement of common shares (each, a "Common Share") in the capital of the Company, previously announced on September 3, 2024, pursuant to which it has issued an aggregate of 217,690,000 Common Shares at a price of CAD$0.05 per Common Share raising gross proceeds of CAD$10,884,500 (collectively, the "Private Placement").The aggregate gross proceeds from the Private Placement will be used to fund growth initiatives, and for general corporate and working capital purposes.Jeff Morgan, PowerBands CEO, commented: "We are thankful to the many existing and new investors who participated in the over-subscribed private placement financing and for their commitment that they have shown to the Company. With the infusion of capital the Company, soon to be re-branded as AmeriTrust, will be better positioned to develop the capacity to expand the portfolio of leases that it services, to implement a "Lender Remarketing" division that will provide banks, credit unions and lenders nationwide with a more profitable solution to remarketing repossessions and end-of-term leases, and to develop innovative hybrid finance alternatives that we intend to introduce to the market in the future. "The Common Shares issued pursuant to the Private Placement are subject to applicable statutory hold periods.In connection with the Private Placement, and as approved by the TSXV, PowerBand has agreed to pay certain commissions to the following persons: Canaccord Genuity Corp., PowerOne Capital Markets Limited, Research Capital Corporation, Clarus Securities Inc. and RBC Dominion Securities.PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, is a fintech provider disrupting the automotive industry. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBands businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the "Financial Outlook" sections of our MD&A.