LOOPShare Announces Arrival of Electric Mopeds and Financing Update
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF), world's first fully-integrated electric moped sharing platform, is pleased to announce that an initial 55 electric mopeds have arrived in Vancouver and are being prepared for ridesharing operations by the Company. These electric mopeds form the initial units that the Company intends to launch its electric scooter ridesharing service into British Columbia. Photos of the initial electric mopeds can be found on the Company's official Instagram page @loopelectricmopeds.
The Company previously announced a non-brokered private placement to raise up to a total of C$2.5 million consisting of 50 million units (the "Units") at a price of C$0.05 per Unit (the "Offering"). Each Unit will consist of one class "A" common share (each a "Share") and one Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one Share for a period of 36 months at an exercise price equal to $0.075. The Offering is continuing and the Company now expects to close the Offering on or before September 20, 2019.
The Company intends to use the net proceeds of the Offering to continue to launch the Harbour Air partnership, complete related software and hardware development of the LOOPShare platform and for general corporate and working capital purposes.
The Offering is subject to the approval of the TSX Venture Exchange which has granted conditional approval with a requirement to file final materials by September 20, 2019.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). To learn more, visit www.loopscooters.com or on Instagram - @loopeletricmopeds.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events related to LOOPShare Ltd. (or the "Company") that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to the Company's British Columbia expansion plans, the partnership with Harbour Air and the closing of the Offering. Forward-looking information contained in this news release is based on certain factors and assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Please refer to the Company's press release dated July 18, 2019 for a description of the factors, assumptions, risks and uncertainties associated with the "forward-looking information", which is incorporated by reference into this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47258