Lendified Announces Satisfaction of Escrow Release Conditions and Release of Escrowed Proceeds
Toronto, Ontario--(Newsfile Corp. - August 6, 2021) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") is pleased to announce that it has satisfied the escrow release conditions and the release of funds held in escrow from its private placement of subscription receipts of the Company ("Subscription Receipts"), as announced on June 16, 2021 and July 14, 2021, for gross proceeds of $1,837,500 (the "Offering"). Pursuant to the Offering, Lendified issued 36,750,000 Subscription Receipts at a price of $0.05 per Subscription Receipts and 790,500 Subscription Receipts in satisfaction of a corporate finance fee. Each Subscription Receipt has been automatically exchanged into one unit of the Company (a "Unit") comprised of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.07 for a period of 24 months following satisfaction of the escrow release conditions. In connection with the Offering, the Company paid cash commission of $92,225 and issued 1,844,500 non-transferrable broker warrants that are exercisable to acquire Units at $0.05 per Units for a period of 24 months following satisfaction of the escrow release conditions. Following the exchange of the Subscription Receipts, a total of 37,540,500 Common Shares and 37,540,500 Warrants have been issued.
The net proceeds of the Offering will be used for key professional personnel additions, regulatory and compliance costs and for general working capital purposes.
All securities issued in connection with the Offering are subject to a four month and one day hold period from the closing date of the Offering in accordance with applicable securities laws.
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.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company operating a lending platform which provides working capital loans to small and medium-sized businesses across Canada.
For further information regarding Lendified, please contact:
John Gillberry, Chief Executive Officer and Director
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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, but not limited to, 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, there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. 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. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. 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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