Hapbee Technologies, Inc. announced that it has received CAD 0.711401 million in funding
June 04, 2023
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Hapbee Technologies, Inc. announced that it has completed a non-brokered private placement of units for aggregate gross proceeds of CAD 711,400 on June 5, 2023. The company issued 7,904,450 units at a price of CAD 0.09 per unit, which consisted in the issuance of 7,904,450 subordinate voting shares and 7,904,450 share purchase warrants, with each warrant entitling the holder thereof to acquire one share at a price of CAD 0.15 per share for a period of 2 years from the closing date of the transaction. As part of this transaction, the warrants are subject to an acceleration clause, which states that if, at any time after four month and one day following the closing date, the closing price of the common shares of the company on the TSX Venture Exchange is equal or greater than CAD 0.40 for 10 consecutive trading days, the company will have the right to notify the warrant holders of its intention to force the exercise of the warrants. Each share and warrant issued will be subject to a hold period of four months plus one day following the closing of the transaction pursuant to Canadian securities laws. The transaction remains subject to the final approval of the TSXV.
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from six placees.
Hapbee Technologies, Inc. is a Canada-based digital wellness technology company. The Company's principal business activity is to commercialize wellness technologies and products through the sale of hardware, subscriptions, enterprise licenses and royalty agreements using electromagnetic signals that deliver one or more ultra-low radio frequency energy blends to produce sleep-, performance-, and mood-enhancing effects. The Company develops, markets, and sells subscriptions to wearable wellness platform and products that enhance the human experience through magnetic field technology. Its hardware product, the Hapbee Neckband and the Hapbee Smart Sleep Pad are devices that play or deliver magnetic signals, which digitally emulate the effects of compounds that would otherwise be ingested into the body. The effects fall under three broad categories including: sleep, performance, and mood. Hapbee devices are controlled through the Hapbee App with both iOS and Android smartphones.