Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Prospect Park Announces Closing of Private Placement

VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Prospect Park Capital ‎ Corp. (the “Company”) ‎‎(TSXV:PPK), is pleased to announce that it has successfully closed it previously announced non-brokered private ‎placement (the “Offering”). Pursuant to the Offering, the Company raised gross proceeds of $998,512.46 through the issuance ‎of 4,754,821 common shares of the ‎Company at $0.21 per share. The net proceeds of the Offering will be used by the Company for working capital.‎

In connection with the Offering, the Company paid registered dealers ‎and finders (i) an aggregate cash commission of $62,947.20, and (ii) non-‎transferable compensation options to purchase 299,748 common shares of the ‎Company at an exercise price of $0.21 per share for a period of twenty-four (24) ‎months from closing.‎

All three directors of the Company participated in the Offering accordingly such transactions are each a “related ‎party transaction” as ‎defined under Multilateral Instrument 61-101 ‎‎(“MI 61-‎‎101”). The transactions are exempt from the formal ‎valuation ‎requirements of MI 61-101 since none ‎of the securities of the Company are listed on a stock ‎exchange specified in ‎section 5.5(b) thereof. The proposed transactions are exempt ‎from the minority ‎shareholder approval requirements ‎of MI 61-101 since, at the time the transactions were agreed to, ‎neither ‎the fair market value of the transaction nor ‎the fair market value of the consideration for the transaction, ‎‎insofar as it involves interested parties, exceeded 25% ‎of the Company’s market capitalization.‎

In addition, the Company has closed its previously announced securities for debt transactions with seven lenders, pursuant to ‎which it issued an ‎‎aggregate of ‎‎526,713 units of the Company at a deemed price of $0.21 per unit in satisfaction of $110,610.52 ‎‎(including accrued ‎interest) of indebtedness pursuant to promissory notes issued in January 2020.‎ Each unit ‎consists of one (1) common share of the Company and one (1) warrant with each warrant exercisable for one (1) common ‎share of the Company at $0.28 per share for twenty-four (24) ‎months from closing.‎

Including the issuance of shares detailed herein, there are now 10,782,358 common shares of the Company issued and outstanding.

All ‎securities issued pursuant to the Offering and the securities for debt transactions are subject to a four-month hold.‎

For more information please contact:James Greig
 Chief Executive Officer
 Prospect Park Capital Corp.
 Tel: (778) 788-2745

Certain statements contained in this news release constitute "forward-looking information" as such term is ‎defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", ‎‎"will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate ‎to the Company, including completion of the Offering, are intended ‎to identify forward-looking information. All statements other than statements of historical fact may be forward-‎looking information. Such statements reflect the Company's current views and intentions with respect to future ‎events, and current information available to the Company, and are subject to certain risks, uncertainties and ‎assumptions, including, without limitation: receipt of ‎Exchange final approval for the Offering. Many factors could cause the actual results, performance or achievements that may ‎be expressed or implied by such forward-looking information to vary from those described herein should one or ‎more of these risks or uncertainties materialize. These factors include, without limitation: receipt of Exchange final ‎approval of the Offering; changes in law; the ability to implement business strategies and pursue business ‎opportunities; state of the capital markets; the availability of funds and resources to pursue operations; risks related to COVID-19 including various recommendations, orders and measures of ‎‎governmental authorities to try ‎to limit the pandemic, including travel restrictions, border closures, ‎‎non-essential business closures, quarantines, self-‎isolations, shelters-in-place and social ‎distancing, ‎disruptions to markets, economic activity, financing, supply chains ‎and sales channels, ‎and a ‎deterioration of general economic conditions including a possible national or global ‎‎recession; and other general economic, market and business conditions and factors, including the risk factors ‎discussed or referred to in the Company’s disclosure documents, filed with the securities ‎regulatory authorities in certain ‎provinces of Canada and available at www.sedar.com.‎

Should any factor affect the Company in an unexpected manner, or ‎should assumptions underlying the forward looking information prove incorrect, the actual results or events may ‎differ materially from the results or events predicted. Any such forward-looking information is expressly qualified ‎in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the ‎accuracy or completeness of such forward-looking information. The forward-looking information included in this ‎news release is made as of the date of this news release and the Company undertakes no obligation to publicly ‎update or revise any forward-looking information, other than as required by applicable law.‎

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the ‎TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.‎


Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).