Perk Labs Inc. (CSE:PERK, OTCQB:PKLBF) has proposed a non-brokered private placement of units and convertible debentures to raise a total of up to $350,000 and, additionally, announced the resignation of its chief legal officer.
The company said it intends to use the net proceeds from the private placements for general working capital purposes, accounts payable, and employee salaries.
The company is proposing a non-brokered private placement of up to 6,250,000 units at a price of $0.016 each for gross proceeds of up to $100,000.
Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.05 per common share for a period of 24 months from the closing.
Perk Labs is also proposing a non-brokered private placement of convertible debentures for gross proceeds of up to $250,000. The convertible debentures will be offered on varying terms, including interest rates ranging from 5% to 15% and differing acceleration terms and maturity dates specific to the terms of each convertible debenture agreement.
The debentures will be convertible into common shares of Perk Labs at a conversion price of $0.05 per share, subject to the terms and conditions set forth in the specific convertible debenture agreement.
The private placement of the units and the convertible debentures is expected to close on or before August 24, 2023.
Resignation of Jonathan Hoyles
Perk Labs also announced the resignation of Jonathan Hoyles as its chief legal officer and a director, effective July 13, 2023.
It said Hoyles has decided to pursue another opportunity, and his departure from Perk Labs is amicable. The company expressed its gratitude for his valuable contributions during his tenure and wished him success in his future endeavors.
The company added that it is currently in the process of evaluating potential candidates to fill the vacancies on the board of directors.
"Jonathan has played an integral role in the evolution of Perk Labs', including his invaluable contributions to the successful merger with Getit Technologies, and we sincerely appreciate his dedication and significant impact," commented Perk Labs' CEO Ryan Hardy in a statement.
"As Jonathan embarks on a new professional endeavour, we extend our best wishes for his continued success. Perk Labs remains committed to its strategic vision and will focus on delivering innovative ordering and payment solutions for enterprise clients and driving value for our stakeholders,” Hardy added.
Perk Labs, the owner of Getit Technologies Inc and Perk Hero Software Inc, specializes in technology, logistics, and connecting communities. Its digital payments and loyalty software empowers merchants to optimize their business and customer journey.
Contact the author at jon.hopkins@proactiveinvestors.com