NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
TORONTO, ON / ACCESSWIRE / March 15, 2023 / HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) ("HIRE" or the "Company"), a company focused on modernizing and digitizing human resources solutions, announces that, further to its news releases dated December 2, 2022, December 23, 2022, January 13, 2023, and February 15, 2023, the Company will not be closing additional tranches of it's previously announced non-brokered private placement financing (the "Offering") prior to the expiration of the TSX Venture Exchange ("TSXV") deadline of March 16, 2023, for the completion of the Offering.
Accordingly, the final details regarding the closing of the Offering are set out in the Company's press release dated December 23, 2022.
Announcing New Private Placement
The Company is also announcing its intention to complete a new non-brokered private placement (the "Private Placement"), on the same terms as the Offering, of up to 25,000,000 common shares in the capital of the Company (the "Shares") in one or more closings at a price of $0.03 per Share for aggregate gross proceeds of up to approximately $750,000.
The net proceeds from the Private Placement are intended to be used for general corporate purposes and working capital in accordance with the policies of the TSXV.
Insiders may participate in the Private Placement. The Company may pay finder's fees to arm's length parties that have introduced the Company to subscribers participating in the Private Placement. All securities issued in connection with the Private Placement will be subject to a four-month and one-day hold period in Canada and pursuant to the policies of the TSXV. The Company does not currently have commitments from investors to participate in the Private Placement, and closing of the Private Placement is subject to the acceptance of the TSXV.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About HIRE Technologies Inc.
HIRE is a growing capital allocator rapidly establishing itself as a market leader in workforce management and staffing. HIRE's mission is to create a world-class portfolio of brands that will define the future of human resources through synergies, scale, and reach. The Company has extensive experience building and growing staffing and executive search companies and is supported by a large recurring revenue base and a highly scalable shared services platform. This structure enables HIRE to create value for partners and shareholders. For more information, visit hire.company.
Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," or "does not expect," is expected, "estimates," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of HIRE to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Examples of such statements include the completion of the Private Placement and the anticipated use of proceeds from the Private Placement. The closing of the Private Placement is subject to a number of customary conditions, including the approval of the applicable securities commissions and the TSXV, some of which are outside the control of HIRE. Purchasers are under no obligation to participate in another closing of the Private Placement, and another closing might not occur. Circumstances may necessitate or make it desirable that HIRE use the proceeds of the Private Placement for different purposes than those described above.
Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting it and the staffing industry, can be found in the Company's MD&A and its continuous disclosure record available on SEDAR. Although HIRE has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended.
All forward-looking statements herein are qualified by this cautionary statement as of the date hereof. Accordingly, readers should not place undue reliance on forward-looking statements. HIRE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: HIRE Technologies Inc.