PowerBand Solutions Inc. (TSXV:PBX) announced a non-brokered private placement of up to 18,275,862 units at a price of CAD 0.29 per unit for gross proceeds of up to CAD 5,300,000 on January 22, 2021. Each unit will consist of one common share and one common share purchase warrant of the company. Each warrant will entitle the holder to purchase one common share of the company at an exercise price of CAD 0.49 per share for a period of 24 months from the date of issuance. The cash finders’ fees of up to 5% of the gross proceeds raised may be paid to arm’s length finders. The qualified registrants may be issued compensation warrants exercisable for that number of common shares of the company equal in number to 5% of the number of units sold. The finder warrants will be exercisable at a price of CAD 0.49 per common share for a period of 24 months after their date of issuance. The transaction is expected to close in tranches over the next two weeks. The securities to be issued in the transaction will be subject to a four-month and one day hold period. The company has received conditional approval from the TSX Venture Exchange.