Source: LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PowerBand Solutions (PBX) has closed its private placement offering for gross proceeds of $12,775,901
  • A total of 18,788,090 common shares were issued at a price of $0.68 per share, including the partial exercise of the agents’ over-allotment option
  • Proceeds will be used to increase balance sheet liquidity, accelerate growth from DRIVRZ Financial, and launch DrivrzXchange and DrivrzLane
  • PowerBand Solutions Inc is a technology provider
  • PowerBand Solutions Inc. (PBX) is down 3.33 per cent, trading at C$0.87 per share at 11:30 am ET

PowerBand Solutions (PBX) has closed its private placement offering for gross proceeds of $12,775,901.

A total of 18,788,090 common shares were issued at a price of $0.68 per share, including the partial exercise of the agents’ option for 1,140,990 shares.

The offering was led by Desjardins Capital Markets and Scotiabank acting as co-bookrunners and co-lead agents.

PowerBand intends to use the net proceeds to increase balance sheet liquidity, accelerate growth from DRIVRZ Financial, and launch DrivrzXchange and DrivrzLane before the end of 2021.

The agents received a cash commission equal to 6.0% of the gross proceeds raised and compensation warrants equal to 6.0% of the shares sold under the offering. Each compensation warrant is exercisable for one common share for a period of 24 months, at the offering price.

Management and other company insiders subscribed for an aggregate of 1,308,825 shares for gross proceeds of $890,000. 

Kelly Jennings, PowerBand CEO, stated,

“We are pleased to close this private placement with the support of our agents Desjardins and Scotiabank, and look forward to working with them and our new investors in achieving our vision for the Company’s growth.”

PowerBand Solutions Inc is a technology provider. It has developed a powerful suite of cloud-based Auction and Finance Portal software tools that deliver increased sales, efficiencies and profitability to its customers. 

PowerBand Solutions Inc. (PBX) is down 3.33 per cent, trading at C$0.87 per share at 11:30 am ET.

More From The Market Herald

" Micromem Technologies (CSE:MRM) closes private placement

Micromem Technologies (MRM) has closed a private placement for gross proceeds of $282,000.
PyroGenesis - Vice President of Sales, Massimo Dattilo.

" PyroGenesis (TSX:PYR) completes titanium powder order from Aubert & Duval

PyroGenesis (PYR) has completed a 100 kg titanium powder order from Aubert & Duval.

" Adamant Global Holdings (CSE:ADMT) releases 2021 results

Adamant (ADMT) has released its 2021 financial results headlined by significant revenue growth.

" Buzz on the Bullboards: The Larger the Hubs, the Heavier the Debates

Several of Stockhouse’s larger Bullboard hubs have set off serious debates on the future direction of some companies following significant moves this past