Peekaboo Beans Closes First Tranche of Oversubscribed Non-Brokered Private Placement and Announces Increase in Offering Size

June 04, 2019 9:30 AM EDT | Source: Peekaboo Beans Inc.

Vancouver, British Columbia--(Newsfile Corp. - June 4, 2019) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("Peekaboo Beans" or the "Company") announces the Company has decided to increase the size of its previously announced non-brokered private placement, announced by news release dated May 8, 2019 (the "Private Placement"), from an aggregate of 4,000,000 units issuable at $0.10 (each, a "Unit") for gross proceeds of $400,000, to 10,000,000 units for gross proceeds of $1,000,000. The Company is also pleased to announce that it has closed the first tranche of the Private Placement, pursuant to which it has issued an aggregate of 4,500,000 units at a for gross proceeds of $450,000 (the "First Tranche").

Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant in the capital of the Company, with each Warrant being exercisable by the holder thereof into one Common Share of the Company at a price of $0.15 per Common Share until May 31, 2022 (each, a "Warrant").

In consideration for the services of certain eligible finders who introduced subscribers to the Private Placement, the Company paid customary commissions in cash and common share purchase warrants.

All securities issued under the First Tranche, including securities issuable on exercise thereof, are subject to a hold period expiring October 1, 2019.

The Company intends to use the proceeds from the Private Placement for corporate development and general working capital purposes.

About Peekaboo Beans Inc.

Peekaboo Beans is a children's apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omni‐channel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online retailers, to maximize revenue and build brand loyalty. The Company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.

On behalf of the Board of Directors,

Peekaboo Beans Inc.

Ms. Traci Costa, President and CEO
(604) 279‐2326

For more information, please contact the Company at:
BEAN@kincommunications.com
1‐866‐604‐6730

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the conditions in the market related to closings of future offerings of securities of the Company including future tranches of the Private Placement, and changes in market conditions as they relate to the operation of the Company. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Reader Advisory

This news release may include forward‐looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward‐looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward‐looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward‐looking information. Factors that could cause actual results to differ materially f rom those in forward‐ looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward‐looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY

FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45282

info