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VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Peekaboo Beans Inc. (“Peekaboo Beans” or the “Company”) (TSXV-BEAN), a direct-sales retailer of children’s apparel, is pleased to announce that it has completed the closing of its previously announced private placement for aggregate gross proceeds for approximately $1.5 million dollars (the “Private Placement”). The Company intends to use the proceeds from the Private Placement for its US expansion and expanding operations in Eastern Canada which will include, in each case, sales training, marketing initiatives, software development and inventory.

The Private Placement was brokered by Canaccord Genuity Corp. (“Canaccord”) and Gravitas Securities Inc. (together with Canaccord, the “Agents”) and also included a non-brokered component that closed concurrently. The Private Placement consisted of the issuance of an aggregate of 2,488,500 common shares of the Company (the “Common Shares”) at a price of $0.60 per Common Share for aggregate gross proceeds of $1,493,100.00. The brokered portion of the Private Placement consisted of the issuance of 2,113,334 Common Shares and the non-brokered portion of the Private Placement consisted of the issuance of 375,166 Common Shares. The Agents were paid a commission comprised of a cash fee in the amount of $101,440.03 and issued an aggregate of 169,066 Agents’ warrants. Each Agents’ warrant is exercisable for one Common Share at a price of $0.60 per Common Share for a period of 24 months from the date hereof. In addition, the Company also issued the Agents 105,666 Common Shares as a corporate finance fee in connection with the Private Placement.

All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof.

About Peekaboo Beans
Peekaboo Beans Inc. is a high-quality, ethically manufactured children’s apparel brand sold exclusively through its direct-sales network of Stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms. 

Following closing of the Private Placement Peekaboo Beans has 14,488,701 Common Shares and 1,794,369 warrants outstanding.

Forward-Looking Information
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.

This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions.  There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

For further information, please contact:
Peekaboo Beans Inc.
Mrs. Traci Costa
CEO and President
+ (604) 279-2326
[email protected]

Investor Relations:
investors.peekaboobeans.com
1-855-692-3267
[email protected]

To view the original version, visit: http://investors.peekaboobeans.com/overview/

SOURCE Peekaboo Beans Inc.