VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / March 21, 2020 / Glenbriar Technologies Inc. (CSE:GTI.X) (the "Company") is pleased to announce the closing of its previous announced non-brokered financing. The Corporation raised proceeds of $400,000 through the sale of 40,000,000 equity units. The placement consists of units priced at $0.01 each, with each unit consisting of one share and one warrant exercisable for 2 years from closing at an exercise price of $0.05. After this issue, the Company will have 211,037,508 shares issued and outstanding. Proceeds will be used for working capital and review of possible acquisitions. Securities issued on this closing shall be subject to resale restrictions to July 21, 2020. A total of $10,000 and 1,000,000 finder's warrants were issued to one finder on this transaction. The finders warrant are on the same terms as the warrants forming part of the units
The Issuer is also issuing a total of 23,308,000 units pursuant to a shares for debt transaction. The units are being issued to shareholders who were subscribers to an earlier private placement for Common Share Units at a subscription price of $0.05 per Unit, on a 2 for 1 consolidation basis. As the consolidation was not carried out, these extra units are required to be issued at a deemed price of $0.025 per Unit. Each Unit consists of one share and one warrant exercisable for 2 years from closing at an exercise price of $0.05 in the first year and $0.15 in the second year. Securities issued pursuant to this transaction shall be subject to resale restrictions to July 21, 2020.
For further information, please contact:
Doug Taylor, CEO
Telephone: 1 (778) 724-1301
E-mail: [email protected]
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.
Certain statements contained in this release may constitute "forward-looking statements" or forward looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE: Glenbriar Technologies Inc.