- Investment at $0.33 CDN per Unit
- Pleased to provide an update with respect to the irrevocable subscriptions announced on August 18, 2020, from a group of arm’s-length U.S. family office and foreign investors.
- The total subscription is for 9 million common share units for gross proceeds of C$2,970,000.
- Company continues to receive all necessary assurances from the investment group that the funding will close as soon as possible and the investors are committed to providing the funding at the arranged pricing and terms
TORONTO, ON / September 16, 2020 / KABN Systems NA Holdings Corp. (CSE:KABN) (the “Company” or “KABN North America“), a Canadian Fintech company that specializes in continuous online identity verification, management and monetization in Canada and the U.S., is pleased to provide an update with respect to the irrevocable subscriptions announced on August 18, 2020, from a group of arm’s-length U.S. family office and foreign investors. The total subscription is for 9 million common share units (“Units”) for gross proceeds of C$2,970,000.
The Company continues to receive all necessary assurances from the investment group that the funding will close as soon as possible and the investors are committed to providing the funding at the arranged pricing and terms. The proceeds of the financing will provide working capital to further accelerate the Company’s development, customer acquisition and business platform consisting of Liquid Avatar, KABN ID, KABN KASH and KABN’s Visa Card program.
Each Unit is priced at C$0.33 per Unit. Each Unit consists of one common share of the Company (“Common Shares”) and ½ Common Share purchase warrant (“Warrants”), with each whole Warrant entitling the holder to purchase one Common Share for C$0.37 per share for 24 months from closing of the transaction. No fees were paid in association with the financing. In accordance with applicable securities rules and regulations, the Common Shares and the Warrants comprised in the Units, and the Common Shares issuable on exercise of the Warrants, will be subject to hold periods ranging from 4 months to 1 year, with the majority of the offering subject to a 1 year hold, restricting shares and warrants from transfer or trading except as permitted by law.
The Company’s Q2 financial results as at June 30, 2020 were filed on August 28, 2020 and are available on SEDAR (www.sedar.com).
The Company would also like to announce that Mr. Benjamin Kessler has resigned as Chief Executive Officer for personal reasons but will remain a senior advisor to the Company and a member of the Board of Directors, in the interim, Mr. David Lucatch, President & Chair of the Corporation, will assume the duties of the Chief Executive Officer.
The KABN North American Fintech suite of products and services is comprised of:
Liquid Avatar allows users to create high quality digital icons representing their online personas. These icons, in conjunction with KABN ID, allows users to manage and control their Digital Identity and to use Liquid Avatars to share public and permission based private data when they want and with whom they want. www.liquidavatar.com
KABN ID is an Always On, biometric and blockchain based digital identity validation and verification platform allowing users to continuously and confidently prove themselves throughout the online community.
KABN Card is a Visa approved prepaid card program allowing users to manage both digital and fiat currencies and earn cashback and other loyalty incentives. www.kabncard.com
KABN KASH is a cashback, loyalty and engagement program that powers the KABN NA’s revenue ecosystem.
KABN NA provides its products and services at no cost to consumers and generates revenues through permission-based partner programs. www.kabnkash.com
The Company welcomes the public to request an invitation to be an early adopter of Liquid Avatar and earn rewards at: https://liquidavatar.com/liquid-avatar-early-adopter/
About KABN North America – www.kabnnaholdco.com
KABN Systems NA Holdings Corp. through its wholly owned subsidiary KABN Systems North America Inc. focuses on the verification, management and monetization of digital identity, empowering users to control and benefit from its use of their online identity. KABN NA’s propriety technology suite includes 4 key products:
Liquid Avatar allows users to create high quality digital icons representing their online personas. These icons, in conjunction with KABN ID, allows users to manage and control their Digital Identity and to use Liquid Avatars to share public and permission based private data when they want and with whom they want. www.liquidavatar.com
KABN ID is an Always On, biometric and blockchain based digital identity validation and verification platform allowing users to continuously and confidently prove themselves throughout the online community.
KABN Card is a Visa approved prepaid card program allowing users to manage both digital and fiat currencies and earn cashback and other loyalty incentives. www.kabncard.com
KABN KASH is a cashback, loyalty and engagement program that powers the KABN NA’s revenue ecosystem.
KABN NA provides its products and services at no cost to consumers and generates revenues through permission-based partner programs. www.kabnkash.com
For more information, please visit www.kabnnaholdco.com or www.kabnsystemsna.com.
For further information, please contact:
David Lucatch
647-725-7742 Ext. 701
[email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities under the KABN Financing in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, including to accelerate the Company’s development, customer acquisition and business platform, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
SOURCE: KABN Systems NA Holdings Corp.
