PK Beans Joins Faire.com, a Wholesale Marketplace to Grow Its Omni-Channel Distribution Model. Closes Private Placement of Convertible Debenture Units
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2021) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company") is pleased to share that they have joined Faire, an online wholesale retail marketplace. Fast Magazine names Faire among "The 10 most innovative retail companies of 2020".
Faire allows PK Beans to expand their omni-channel business model and have greater exposure and access to 150,000 retailers across North America. Faire marketplace allows for PK Beans to continue to support and maintain all current wholesale relationships, while being able to offer these customers the net terms provided by Faire; providing customers greater breathing room and more incentive to purchase PK Beans; during an otherwise difficult time in retail due to the ever growing and changing impacts of the COVID-19 Pandemic.
"We are excited reach new retailers and support more grassroots retail brands in communities across North America. Faire makes it easy and accessible to reach these business to business customers, and this adds another arm to our omni channel sales model," states Traci Costa, PK Beans CEO and Founder.
PK Beans also wishes to announce the closing of its previously disclosed private placement of convertible debenture units for total gross proceeds of $110,000 (the "Offering"). The Company raised $110,000 through the issuance of 110 convertible debenture units at a price of $1,000 per convertible debenture unit. Each convertible debenture unit was comprised of one unsecured convertible debenture with a principal amount of $1,000 each and 5,000 common share purchase warrants. Each warrant entitles the holder thereof to acquire on common share of the Company at a price of $0.15 per share until April 9, 2023. The debentures will mature and be repayable on April 9, 2023 and bear interest at a rate of 12% per annum until maturity.
The net proceeds of the Offering will be used for general working capital purposes. The terms of the Offering are further described in the Company's news release dated April 8, 2021.
All securities issued in connection with the Offering are subject to a statutory hold period expiring on August 10, 2021 in accordance with applicable securities legislation.
About Peekaboo Beans Inc.
PK Beans is an integrated and innovative children's wellness brand. From sustainable clothing options that kids love to wear, to healthy foods that fuel children's play, our mission is to provide the ingredients for a playful life. Together with our monthly adventure subscription box, consisting of interactive and engaging activities that educate and entertain, developed by an Emmy award-winning child psychologist and devoted kid-experts, our goal is to enrich, empower and nourish children through quality nutrition, clothing and play - every day. The company maximizes revenue by reaching sellers and online retailers through an omnichannel approach.
To learn more about PK Beans, visit: www.pkbeans.com
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at:
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. 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 from 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80479