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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

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.‎

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