Lendified announces private placement financing of up to $ 5,000,000

Toronto, Ontario – (Newsfile Corp. – April 7, 2021) – Lendified Holdings Inc. (TSXV: LHI) (formerly Hampton Bay Capital Inc.) (the “Society” Where “Lendified“) is pleased to announce that it has entered into an engagement letter with Canaccord Genuity Corp. (“Canaccord“), as lead manager and sole bookrunner, on his own behalf and on behalf of a syndicate of agents which may be formed (the”Agents“), pursuant to which the Agents have agreed to sell, on a commercially reasonable effort basis, on a private placement basis, up to 100,000,000 Lendified Subscription Receipts (the”Subscription receipts“) at a price of $ 0.05 per subscription receipt (the”Issue price“) for total gross proceeds accruing to Lendified up to $ 5,000,000 (the”Offer“). Each Subscription Receipt will allow its holder to receive, without payment of any additional consideration and without any other action from its holder, a share of the Company (a”Unity“) composed of one ordinary share of the Company (a”Ordinary share“) and a common share purchase warrant (a”To guarantee“) upon satisfaction of certain conditions of discharge from the receiver (“Escrow Release Conditions“). Each warrant may be exercised to acquire one common share at an exercise price of $ 0.07 per common share for a period of 24 months from the date on which the escrow release conditions are met.

In connection with the Offering, Lendified has, subject to regulatory approval, agreed to: (i) pay to the Agents a commission of 7% of the gross proceeds of the Offering, payable in cash or subscription receipts, or any combination of the two at the option of the Agents; (ii) issue to the Agents warrants exercisable at any time before the date falling 24 months from the date on which the escrow release conditions are met to acquire that number of units equal 7% of the total number of subscription receipts issued under the Offer, at an exercise price equal to the Issue Price; and (iii) issue to Canaccord a number of Subscription Receipts equal to 3.0% of the total number of Subscription Receipts issued in connection with the Offering.

The net proceeds of the Offering, once the escrow release conditions are satisfied, will be used for additions of key professional personnel, regulatory and compliance costs and for general working capital purposes.

There can be no assurance that the Offering will be completed on the terms set forth herein, or at all, or that the proceeds of the Offering will be sufficient for the purposes of the Company set forth herein.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or on behalf of or for the benefit of, persons of the United States. – United in the absence of registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell securities in the United States.

Subject to approval by the TSX Venture Exchange (the “TSXV“), it is expected that the closing of the Offering will occur on a date agreed to by the Company and Canaccord.

ABOUT LENDIFIED HOLDINGS INC.

Lendified, a company located in Ontario, Canada, is a Canadian company that operates a lending platform that provides working capital loans to small and medium-sized businesses across Canada.

Further information

For more information on Lendified, please contact:

John Gillberry, CEO and Director
1-844-451-3594
[email protected]

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXVE) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain forward-looking statements that reflect the Company’s current expectations regarding future events. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan,” estimate “,” expect “,” intend “and statements according to. which an event or result “may”, “will”, “should”, “could” or “could” occur or be achieved and other similar expressions. These forward-looking statements involve risks and uncertainties, including, but without limitation, if the Offer will be approved by the TSX Venture Exchange or if the proceeds of the Offering will be sufficient for the needs of the Company, the expected timing of the closing of the Offering and the satisfaction of the release conditions of escrow, if the effects of the COVID-19 pandemic will be even more severe than they have been to date, each of which could cause the results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the company. The Company’s current quarterly documents should be consulted for additional information on the risks and uncertainties associated with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. Management assumes no obligation to update or modify any forward-looking statements, whether as a result of new information, other events or otherwise..

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79644

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