Immigration Technology Platform CanPR Technology Inc. Completes Pre-RTO Funding of $2.9M

Toronto, Ontario--(Newsfile Corp. - March 14, 2024) - CanPR Technology Inc. ("CanPR" or the "Company"), a leading provider of technology-enabled immigration services in Canada, is pleased to announce it closed on March 1, 2024 a non-brokered private for gross proceeds of $2.924 million (the "Offering"). Closing of the Offering increases the total funds raised by CanPR to date to $4.5 million. The net proceeds of the Offering will primarily go toward product development and market expansion, as well as for working capital requirements and other general corporate purposes.

The Offering was completed in connection with the previously announced proposed transaction between the Company and General Assembly Holdings Limited (TSXV: GA) ("GA Pizza"), pursuant to which GA Pizza proposes to acquire all of the issued and outstanding shares of CanPR by way of a reverse take-over (the "RTO"). On closing of the RTO, shareholders of CanPR will own 90.9% of GA Pizza and the resulting entity will continue the business of CanPR as a company listed on the TSX Venture Exchange.

"The CanPR story has resonated with investors who understand the opportunity to disrupt the immigration industry with a technology-enabled solution that leverages artificial intelligence to create a more compelling platform and experience for newcomers," said Co-Founder and CEO Akshat Soni. "Our goal is to become the leading provider within the newcomer segment in Canada and this infusion of capital will help us advance our objective."

The immigration process remains overly cumbersome for newcomers to Canada, and few services exist to help new Canadians integrate once they arrive. CanPR's all-in-one marketplace has been designed to address these challenges; using technology to streamline visa and permanent residency application processes, and then providing access to a suite of post-landing services through its app.

CanPR also connects immigrants with new jobs in Canada. Its SmartCV service optimizes resumes and matches candidates with potential employers where skills shortages exist. By identifying prime candidates and matching them with job prospects, CanPR believes it can help address labour shortages, which are expected to increase as more baby boomers leave the work force - the last of which (more than five million) are expected to turn 65 by the year 2030¹.

The Subscription Receipts are subject to a statutory hold period until the later of four months plus a day and the date CanPR becomes a reporting issuer. The Subscription Receipts were created and issued pursuant to, and are governed by, the terms and conditions of a subscription receipt agreement dated March 1, 2024 (the "Subscription Receipt Agreement") between CanPR and Odyssey Trust Company, in its capacity as subscription receipt agent and escrow agent. The Subscription Receipt issued pursuant to the Offering will automatically convert, without payment of any additional consideration or further action on the part of the holder thereof, and subject to adjustment in certain events, into one common share of CanPR (each, a "Common Share"), upon the satisfaction or waiver of certain conditions precedent, which include the satisfaction of all conditions precedent to the RTO, as further set forth in the Subscription Receipt Agreement.

The securities distributed pursuant to the Offering have not and will not be registered under the U.S. Securities Act of 1933 or any U.S. state securities laws and may not be offered or sold in the United States unless the securities have been registered under the U.S. Securities Act of 1933 and any applicable state securities laws, or in compliance with the requirements of an exemption therefrom.

CanPR's app has surpassed one million downloads and has received thousands of five-star reviews across the Google Play and Apple App stores as a one-stop hub offering comprehensive pre- and post-landing solutions in a convenient and user-friendly environment.

Visit www.CanPR.io to learn more and follow CanPR on Facebook, Instagram, TikTok and YouTube.

About CanPR

CanPR Technology Inc. is a technology platform dedicated to helping immigrants in their journey toward becoming permanent residents of Canada. At CanPR, we offer a range of services to assist with the immigration journey. Our platform provides a comprehensive understanding of the process of immigrating to Canada, completing and tracking immigration applications, connecting newcomers with employers to help them find a job, and post-immigration services to help them settle in Canada. Currently, the platform has over 1,000,000 app installs. CanPR was incorporated pursuant to the Canada Business Corporations Act on June 20, 2022. For more information on CanPR, visit www.canpr.io.

For more information contact:
Kieran Lawler
Kieran.lawler@loderockadvisors.com
416-303-0799

Forward-Looking Statements

This press release contains statements which constitute "forward-looking information" or "forward-looking statements" (together "forward-looking information") within the meaning of applicable securities laws, including statements regarding the RTO, the business of the GA Pizza after the RTO, and TSXV acceptance of the RTO. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among key factors and risks that could cause actual results to differ materially from those projected in the forward-looking information may include, without limitation, the ability to obtain or delays in securing necessary stock exchange approvals. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

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¹ Globe and Mail: How the baby boomer exodus will imbalance the Canadian workplace

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201704