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VANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Peekaboo Beans Inc. (“Peekaboo Beans” or the “Company”) (TSX-V:BEAN), a direct-sales retailer of children’s apparel, is pleased to announce that it has engaged Canaccord Genuity Corp. (“Canaccord”) and Gravitas Securities Inc. (collectively, the “Agents”) to act as co-lead agents on a commercially reasonable efforts basis in connection with a private placement for aggregate gross proceeds of up to $1,500,000 (the “Offering”). The Company will issue up to 2,000,000 units of the Company (the “Units”) at a price of $0.75 per Unit pursuant to the Offering. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable into one common share of the Company at a price of $1.00 for a period of 24 months following closing of the Offering. The exercise period of each Warrant may be accelerated by the Company if during the term of the Warrant the volume weighted average price of the Company’s common shares on the TSX Venture Exchange is equal to or greater than $1.25 over a period of 10 consecutive trading days. The Company has also granted the Agents an option to increase the size of the Offering by up to 2,000,000 Units.
The Offering is expected to close on or about February 28, 2018, and is subject to approval of the TSX Venture Exchange and customary closing conditions for brokered financings.
The Company intends to use the proceeds from the Offering for the US Expansion and expanding operations in Canada which will include, in each case, sales training, marketing initiatives, software development and inventory.
About Peekaboo Beans
Peekaboo Beans Inc. is a high-quality, ethically manufactured children’s apparel brand sold exclusively through its direct-sales network of Stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms.
Forward-Looking Information
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.
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to recruitment, transition and training of Stylists, the Offering and the U.S. expansion. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include market prices, successes of the operations of the Company, continued availability of capital and financing, general economic, market or business conditions and those risks contained in the Company's filing statement dated August 29, 2016, a copy of which is available on SEDAR at www.sedar.com. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
For further information, please contact:
Peekaboo Beans Inc.
Mrs. Traci Costa
CEO and President
+ (604) 279-2326
traci@peekaboobeans.com
Investor Relations:
investors.peekaboobeans.com
1-855-692-3267
ir@peekaboobeans.com