Lendified Announces Appointment of Chief Financial Officer, Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - June 30, 2020) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce the appointment of Pratik Bhandari, CPA, CA, as Chief Financial Officer. Mr. Bhandari is the former comptroller of the Company. He is a graduate of the Master of Accounting and Bachelor of Accounting & Financial Management programs from the University of Waterloo. He has related experience with PricewaterhouseCoopers LLP as a Senior Associate, and industry experience with PepsiCo and Barrick Gold. He has also worked with the Ontario Ministry of Finance and the Canada Revenue Agency.
The Company also announced, further to its press release of June 25, 2020, that it intends to offer for sale, on a non-brokered private placement basis, securities of the Company (the "Offering") consisting of units (the "Units") at a price of $0.015 per Unit, with each Unit comprised of one common share (a "Share") of the Company and one Share purchase warrant (a "Warrant") with each Warrant being exercisable to acquire one Share at a price of $0.05 per Share for a period of 36 months following the closing date of the Offering, for aggregate gross proceeds to Lendified of up to $1,427,318. Assuming the maximum proceeds are raised, the Company will issue 95,154,575 Shares and 95,154,575 Warrants pursuant to the Offering. There can be no assurances that the Offering will be successful, or if sufficient proceeds of the Offering will be raised for the purposes set out below. The Offering is subject to the receipt of TSX Venture Exchange ("TSXVE") approval and all regulatory approvals.
The company is relying on the temporary relief measures announced by the TSXVE on April 8, 2020 (the "Temporary Relief") in offering the Units at a price that is less than $0.05 per share. Pursuant to the Temporary Relief, the Issuer will not issue more than 100% of the issued and outstanding Shares pursuant to the Offering. All securities issued under the Temporary Relief will be subject to a TSXVE hold period in addition to the restricted period under applicable securities laws and will be legended accordingly. The proceeds of the Offering will not primarily be used to pay management fees or for investor relations activities.
The proceeds derived from the Offering will be used for payment of certain expenses of the Company, including employee payrolls, trade payables, general office and administration expenses and professional fees.
There can be no assurances that the Offering will be completed on the terms set out herein, or at all, or that the proceeds of the Offering will be sufficient for the purposes of the Company or its turnaround efforts.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.
Subject to the approval of the TSXVE, it is anticipated that the closing of the Offering will occur as soon as possible and on or prior to July 10, 2020.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a leading Canadian FinTech company operating both a lending platform which provides working capital loans to small businesses across Canada through its wholly-owned subsidiary, Lendified Inc., as well as a software as a service technology platform providing AI-enabled credit origination and analytics to financial institutions across Canada through its wholly-owned subsidiary, JUDI.AI.
For further information regarding Lendified, please contact:
Troy Wright, Chief Executive Officer and Director
Neither the TSXVE nor its Regulation Services Provider (as that term is defined in the policies of the TSXVE) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including whether the Offering will be approved by the TSXVE or if the proceeds of the Offering will be sufficient for the Company's purposes, whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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