Vancouver, BC / TheNewswire / February 8, 2018 -- LOOPShare Ltd. (TSX-V: LOOP) ("LOOPShare"), a global provider of electric scooter shared fleet services and technology, today announced a private placement of $187,500.
The private placement is a non-brokered offering of 750,000 units of the Issuer (the "Units"), at a price of $0.25 per Unit. Each Unit will be comprised of one Common "A" Share and one common share purchase warrant (a "Warrant"), each Warrant being exercisable to acquire one Common Share at a price of $0.05 per Common "A" Share for a period of one (1) year following the closing date of the private placement.
The proceeds will be used for costs related to the purchase of at least 300 scooters to supply our current opportunities in Vancouver, Beirut, Orange County, and Japan, to evaluate other opportunities, to provide working capital, and to reduce company's debt.
The TSX Venture Exchange Inc. has not approved the transaction yet, but the process is set in motion.
LOOPShare Ltd. (TSX-V: LOOP) a Vancouver company established in 2009 and its wholly owned subsidiary Saturna Green Systems Inc. have commercialized a first generation, a wireless ruggedized 7" touchscreen dashboard with Telematics functionality for electric inner-city vehicles. LOOPShare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOPShare's purpose is to develop and deploy connected end-to-end solutions for inner-city transportation vehicles, specifically geared toward Transportation as a Service ("TaaS"). Through Zone Operators worldwide, LOOPShare will implement TaaS solution to offer Commuter Convenience and Tourist applications to subscribers based on LOOPShare's commuter/tourism/business-focused, unique, state-of-the-art wireless two-wheel electric sharing technology. "Loop" is a trademark of LOOPShare Ltd. For further information, please visit www.loopscooters.com.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the shared transportation industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
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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.