BeWhere Holdings Inc. Has Closed the First Tranche of Previously Announced Non-Brokered Private Placement
Funds to be Used to Accelerate Growth
Toronto, Ontario (FSCwire) – BeWhere Holdings Inc. (TSXV: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”) is pleased to announce that it has closed its’ first tranche of the non-brokered private placement of Common Shares by the issuance of 6,165,000 Common Shares at a price of $0.30 per Common Share for gross proceeds of $1,849,500.
The net proceeds of the private placement, plus existing cash and other working capital, will be used, in part, to fund the commercialization of the Company’s new NB-IOT and LTE-M Mobile IOT environmental sensing and asset monitoring solutions and for general working capital purposes. The Company expects to launch the new products and provide them to existing partners and resellers in the fourth quarter.
Commenting on the closing BeWhere’s Founder & CEO Owen Moore said “I’m very pleased with the overwhelming support of our shareholders and I look forward to a very busy fall as we take the next step in our growth and launch our new Mobile IoT technologies to what appears to be very strong interest, it is my belief that these technologies will complement our current product offering and allow us to become a go to provider for asset tracking and environmental sensing globally”
The Common Shares are subject to a statutory four month hold period, which expires February 6, 2018. Finders’ fees have been paid in cash in an amount equal to 6% of the gross proceeds from the sale of some of the Common Shares in the private placement.
In that a director of the Company participated in the private placement, the private placement is a “related party transaction” within the meaning of Multilateral Instrument 61-101 (“MI 61-101”), which requires the Company to obtain “minority approval” of the Company’s shareholders of the related party transaction unless there is an exemption from such requirement. The Company is relying on the exemption in Section 5.7(a) of MI 61-101 on the basis that the fair market value of the securities distributed to the related party was less than 25% of the Company’s market capitalization.
BeWhere (TSXV: BEW, OTCQB: BEWFF) is an Industrial Internet of Things (“HOT”) solutions company that designs and sells hardware with sensors and software applications for environmental sensing and to track real-time information on assets. The Company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can be readily integrated with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past.
ON BEHALF OF THE BOARD
“Owen Moore” CEO & Director
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”.
We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
BeWhere Holdings Inc. (the “Company“) does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company’s historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
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.
For further information:
Owen Moore at +1 (844) 229-4373 firstname.lastname@example.org