POSaBIT Systems Corporation announced that it expects to receive CAD 4.08 million in funding
January 26, 2023
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POSaBIT Systems Corporation announced a private placement of 4,533,333 units at a price of CAD 0.90 per unit for the gross proceeds of CAD 4,080,000 on January 27, 2023. Each Unit will be comprised of one common share in the capital of the Issuer and 0.95 of one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of CAD 1.25 per share until January 27, 2026. The transaction will include participation from individual returning investor Alex Sharp. Before the transaction, the acquiror owned an aggregate of 18,337,808 Common Shares representing approximately 13.09% of the Issuer's issued and outstanding Common Shares and an aggregate of 3,375,000 warrants entitling the purchase of an aggregate 3,375,000 Common Shares of the Issuer or assuming exercise of the warrants, the acquiror owned over a total of 21,712,808 Common Shares or approximately 15.13% of the Issuer's Common Shares on a post-conversion beneficial ownership basis. Post the transaction, the acquiror owned over an aggregate 22,871,141 Common Shares of the Issuer representing approximately 15.81% and outstanding Common Shares. The acquiror also owned and exercised control over an aggregate of 7,681,666 warrants entitling the purchase of an aggregate 7,681,666 Common Shares of the Issuer or assuming exercise of the warrants, the acquiror owned over a total of 30,552,807 Common Shares or approximately 20.06% of the Issuer's Common Shares on a post-conversion beneficial ownership basis. Currently, the acquiror owns an aggregate of 22,981,141 common shares of the Issuer representing approximately 15.88% of the Issuer's issued and outstanding common shares and aggregate of 7,681,666 warrants entitling the purchase of an aggregate 7,681,666 Common Shares of the Issuer or assuming exercise of the warrants, the acquiror owns and exercises control or direction over a total of 30,662,807 Common Shares or approximately 20.12% of the Issuer's Common Shares on a post-conversion beneficial ownership basis.
On the same date, the acquiror acquired for an aggregate of 4,533,333 units at a price of CAD 0.90 per share.
POSaBIT Systems Corporation is a financial technology company that delivers payment processing and point-of-sale (POS) systems for cash-only businesses. The Company specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution. Its POS system is specifically designed to suit the needs of cannabis retailers and eliminate the pain points of running store. It provides a complete payment solution for any and all cannabis retailers and dispensaries. Its online portal gives access to real-time reporting of store performance, customer demographics, and transaction data. POSaBIT PIN Debit is the payment solution for a coffee shop, a grocery store or other retailer. POSaBIT ACH allows customers to log in and store their banking information within its payment portal. POSaBIT POS and POSaBIT POS 2.0 are POS systems. Its wholly owned subsidiary is POSaBIT US, Inc.