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BeWhere Holdings Inc. Announces Closing of Private Placement

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TORONTO, ON / ACCESSWIRE / February 15, 2019 / BeWhere Holdings Inc. (TSXV: BEW) (the “Corporation“) is pleased to announce that it has closed its private placement (the “Private Placement“) of units of the Corporation (“Units“) for gross proceeds of $4,025,000 at a price of $0.19 per Unit.

Each Unit consists of one common share in the capital of the Corporation (a “Common Share“) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.35 for a period of five years following the closing of the Private Placement.

The Private Placement was conducted on an agency basis by PI Financial Corp. (the “Agent“).

The Agent has been paid a cash commission. The Agent and members of its selling group also received 1,022,368 broker warrants. Each broker warrant entitles the holder to purchase a Common Share at $0.19 per Common Share for a period of five years following the closing of the Private Placement.

The net proceeds of the Private Placement will be used for purchase of inventory, for working capital and for expansion of operations in Europe.

The Common Shares and Warrants are subject to a statutory four month hold period, which expires June 16, 2019.

The Corporation also announces that it has entered into an Investor Rights Agreement with a strategic investor pursuant to which such investor, subject to certain restrictions, is entitled to nominate a director to the board of directors of the Corporation and appoint an observer to attend directors meetings.

As a result of insiders of the Company participating 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 all related parties, in the aggregate, was less than 25% of the Company’s market capitalization.

About BeWhere

BeWhere Holdings Inc. (TSXV:BEW) is an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software application to track real-time information on non-powered fixed and movable assets, as well as to monitor environmental conditions. The Corporation develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be readily integrated with existing software. The Corporation’s solutions use available cellular technologies (LTE-M and NB-loT) and offer customers low-cost technology to implement a new level of visibility to their businesses.

The Corporation sells its products through a worldwide network of distribution and technology companies. It secured distribution agreements and technology partnerships with a large roster of companies including major telecommunications providers, leading vehicle telematics providers and logistic and supply chain management solution providers.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation’s future performance. In particular, this document contains forward-looking information and statements regarding the use of proceeds of the Private Placement. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include that, in respect of the use of proceeds, historical costs and expenses will be representative of future costs and expenses. The Corporation’s actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The Corporation’s forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.


For further information, please contact: 
Margaux Berry
VP Strategy and Growth
Tel: 1-(844) 229-4373 ext. 107

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