Perk Labs Announces Closing of Non-Brokered Private Placements

VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / Perk Labs Inc. (CSE:PERK)(OTC PINK:PKLBF)(FRA:PKLB) ("Perk" or the "Company"), announced that it has closed its non-brokered private placements of units and convertible debentures.

Private Placement of Units

The Company closed a non-brokered private placement of 78,900,000 units ("Units") at a price of $0.01 per Unit for gross proceeds of CAD $789,000. Each Unit consists of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "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.

Private Placement of Convertible Debentures

Perk Labs also announced that it closed a non-brokered private placement of convertible debentures ("Debentures") for gross proceeds of $25,000. The Debentures mature two years from the date of issuance and bear interest at a rate of 15% per annum. The Debentures are convertible into Common Shares at a conversion price of $0.05 per Common Share, subject to the terms and conditions set forth in the specific Debenture agreement.

All securities issued pursuant to the private placements are subject to a statutory hold period of four months and one day following the closing. The net proceeds from the private placements will be used for general working capital purposes, accounts payable, and employee salaries.

In connection with the private placements, B. Rogic, a "related party" of the Company (as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), acquired $73,000 of Units. The acquisition of Units by Mr. Rogic constituted a "related party transaction" within the meaning of MI 61-101. The Company relied on an exemption from the formal valuation requirements of MI 61-101, as no securities of the Company are listed or quoted on specified markets, and an exemption from the minority approval requirements of MI 61-101, as the fair market value of the participation in the private placement by Mr. Rogic did not exceed 25% of the Company's market capitalization.