Spacefy Completes Private Placement
Toronto, Ontario--(Newsfile Corp. - February 28, 2019) - Spacefy Inc. (CSE: SPFY) ("Spacefy" or the "Company") is pleased to announce that it has completed its previously announced private placement offering of units (each a "Unit") for gross proceeds of $1,409,400 (the "Financing"), for a total issue of 7,047,000 Units. Each Unit is comprised of one common share, and one common share purchase warrant exercisable for a period of twenty-four months from closing at a price of $0.40 per share. Leede Jones Gable Inc. as lead agent and members of the selling group receive a total commission of $84,564 in cash and 422,280 agent's compensation options, each exercisable at $0.20 into a Unit. Proceeds will be used for execution of the Company's business plan. Following the closing, Spacefy has 45,267,106 common shares issued and outstanding.
"We are pleased with this result, and extremely gratified at the investment community's ongoing interest in Spacefy," said Spacefy's new CEO, Russ Patterson. "This additional capital will help us to deliver product platform improvements sooner than planned, and to accelerate the pace of our business development and targeted marketing campaigns. Spacefy also announced today that the Board of Directors has approved resolutions adding Patterson as a Director, and accepting Brad Scharfe's resignation as a Director.
Spacefy is a marketplace that connects creative professionals with spaces for their projects, productions, and events. Harnessing the power of the sharing economy, Spacefy gives creative professionals access to unique and underutilized spaces while enabling property owners to further monetize their space.
Contact Information Spacefy Inc.
Chief Executive Officer
Adelaide Capital Markets Inc.
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION: This news release includes certain "forward‐looking statements" under applicable Canadian securities legislation. Forward‐looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the expectation that the proceeds will be used for execution of the Company's business plan. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur or, if they do occur, what benefits the Company will obtain from them. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Spacefy Inc. disclaims any intention or obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities 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 a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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