Perk Labs Inc. announced a non-brokered private placement of 100,000,000 units at an issue price of CAD 0.01 per unit for the gross proceeds of up to CAD 1,000,000 and convertible debentures for the gross proceeds of CAD 1,000,000, for the aggregate gross proceeds of CAD 2,000,000 on October 30, 2023. Each Unit will consist of one common share and one Common Share purchase warrant. Each Warrant will entitle the holder to purchase one additional Common Share at a price of CAD 0.05 per common share for a period of 24 months from the Closing.

The convertible debentures will be offered for a 2-year term at an interest rate of 15% and will be convertible into common shares at a conversion price of CAD 0.05 per share, subject to the terms and conditions set forth in the convertible debenture agreement. The private placements of the Units and the convertible debentures are expected to close on or before December 9, 2023 unless further extended. The Closing is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals.

All securities issued pursuant to the private placements will be subject to a statutory hold period of four months and one day following the Closing.