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VANCOUVER, BC, Oct. 6, 2023
/CNW/ - Principal Technologies Inc. (the "Company")
(TSXV: PTEC.P), is pleased to announce a non-brokered
private placement to raise gross proceeds of up to $900,000 (the "Private Placement") in
accordance with the policies of the TSX Venture Exchange (the
"Exchange") through the issuance of up to 6,000,000 common
shares (each a "Share") at a price of $0.15 per Share.
The Company intends to use the net proceeds of the Private
Placement for working capital in order to secure a major asset and
general corporate purposes. The Company may pay a finder's fee in
connection with the Private Placement to eligible finders in
accordance with the policies of the Exchange and applicable
securities laws consisting of: (i) a cash commission of up to 8% of
the gross proceeds of the Private Placement; and (ii) a number of
common share purchase warrants (the "Finder's Warrants")
equal to up to 8% of the number of Shares sold pursuant to the
Private Placement. Each Finder's Warrant will entitle the holder
thereof to acquire one Share at a price of $0.20 per Share for a period of 24 months from
the date of issuance.
The Private Placement is subject to approval of the Exchange,
and all Shares and securities of the Company issued pursuant to the
Private Placement will be subject to a four month hold period from
the date of issuance. The Private Placement will not result in the
creation of a new control person of the Company.
The securities offered have not been registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws and may not be offered or
sold absent registration or compliance with an applicable exemption
from the registration requirements of the U.S. Securities Act and
applicable state securities laws.
ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive
Officer
Principal Technologies Inc.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking
statements:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause the Company's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. The Company
disclaims any obligation to update or revise any forward-looking
information or statements except as may be required.
SOURCE Principal Technologies Inc.