PowerBand Solutions Closes $12.8 Million Private Placement

PowerBand Solutions (TSXV: PBX) this morning announced the closing of its previously announced private placement on an oversubscribed basis. The company raised gross proceeds of $12.8 million under the financing, which was co-lead by Desjardins Capital Markets and Scotiabank.

Under the terms of the financing, the company sold a total of 18.8 million common shares of the company, with no warrant included within the offering. Shares were sold at a price of $0.68 each.

Management and insiders reportedly participated in the offering as well, to the tune of $890,000, or 1.3 million common shares.

Proceeds from the financing are to be used to improve balance sheet liquidity, for the growth of DRIVRZ Financial, and for the launch of both DrivrzXchange and DrivrzLane before the end of the year.

“We are pleased to close this private placement with the support of our agents Desjardins and Scotiabank, and look forward to working with them and our new investors in achieving our vision for the Company’s growth.”

Kelly Jennings, CEO

PowerBand Solutions last traded at $0.86 on the TSX Venture.


FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

PowerBand Sees D&P Holdings Invest Further US$2.5 Million

PowerBand Solutions (TSXV: PBX) announced this morning that investor D&P Holdings has elected to exercise...

Monday, March 16, 2020, 09:09:07 AM

PowerBand Solutions Guides To Between $70 Million To $90 Million In 2022 Revenues

PowerBand Solutions (TSXV: PBX) went out on a limb last night and released an outlook...

Wednesday, December 1, 2021, 08:21:05 AM

PowerBand Announces DRIVRZ Credit Cards For Consumers On Automotive Platform

PowerBand Solutions (TSXV: PBX) announced this morning that it will soon begin offering US consumers...

Monday, October 19, 2020, 09:11:24 AM

PowerBand Solutions Appoints Bruce Polkes, CEO of IntellaCar, To Advisory Board

PowerBand Solutions (TSXV: PBX) has strengthened its advisory board, this morning appointing Bruce Polkes as...

Thursday, October 15, 2020, 01:49:40 PM

PowerBand Solutions Announces Strategic Arrangement With CARco

PowerBand Solutions (TSXV: PBX) announced this morning a new partner in that of the Comprehensive...

Monday, June 29, 2020, 09:20:44 AM