/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, BC, Sept. 19,
2024 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC) (FSE: J07), is pleased to
announce a non-brokered financing of up to 4,000,000 units at
$0.25 for gross proceeds of up to
$1,000,000 (the "Private
Placement). Each unit (a "Unit") will consist of one
common share (a 'Share") of the Company and one common share
purchase warrant (a "Warrant"). Each Warrant entitles the
holder to purchase one additional Share of the Company at
$0.30 for a period of two (2) years
from the date of closing. Proceeds of the Private Placement will be
used for general working capital and corporate purposes.
The Company anticipates that the Private Placement will close on
or about October 16, 2024, subject to
the receipt of all necessary regulatory approvals, including
approval from the TSX Venture Exchange. All securities issued in
connection with the Private Placement will be subject to a
four-month hold period in accordance with applicable Canadian
securities laws.
The securities referred to herein have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities
laws, and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S under the U.S.
Securities Act) unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any securities
in the United States.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive
Officer
Principal Technologies Inc.
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.
Forward-looking statements:
Certain statements contained in this news release constitute
"forward-looking statements". These forward-looking statements
include statements in respect closing of the Private Placement and
use of proceeds of the Private Placement. When used in this
document, the words "anticipated", "expect", "estimated",
"forecast", "planned", and similar expressions are intended to
identify forward-looking statements or information. These
statements are based on current expectations of management;
however, they are subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ
materially from the forward-looking statements in this news
release. Readers are cautioned not to place undue reliance on these
statements. Principal Technologies Inc. does not undertake any
obligation to revise or update any forward- looking statements as a
result of new information, future events or otherwise after the
date hereof, except as required by securities laws. The Company
seeks safe harbour.
SOURCE Principal Technologies Inc.