Vancouver, BC – Peekaboo Beans Inc (CSE:BEAN | OTCQB:PBBSF) (the “Company” or “Peekaboo Beans“) has entered into a consulting agreement with iCap Ventures Inc. for services related to financial and operational analysis, the review of strategic opportunities, the examination of sources of financing and recommendations related to future capital requirements, and general guidance to the company’s capital markets approach.
As compensation for the services, Peekaboo has: provided to iCap an initial cash fee of $12,000, plus applicable taxes; issued 120,000 common share purchase warrants, exercisable to purchase one common share in the capital of the company at a price equal to the closing market price of the day prior to the grant, being 19.5 cents, for a period of three years from the date of issuance; and issued 712,442 options, which will vest quarterly over a period of one year and are priced at 19.5 cents for a period of five years from the date of issuance. Additionally, Peekaboo will pay a monthly fee of $12,000, plus applicable taxes, to be settled in common shares of the company at market value less the CSE-accepted discount to market price, on a monthly basis, which is held in voluntary escrow and released quarterly from the date of the agreement, with the first release scheduled for April 15, 2019. The warrants will be subject to a four-month hold period, in accordance with applicable securities laws. All other payments in securities are not anticipated to be subject to any hold period outside of the voluntary escrow.
iCap does not currently hold any common shares in the capital of the company and does not have any direct or indirect interests in the company other than in connection with the agreement. The agreement will remain valid for an initial two-year term.
About Peekaboo Beans Inc.
Peekaboo Beans is a children’s apparel brand with a focus on environmentally responsible clothes that are intentionally designed to inspire play. Through an omnichannel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as on-line retailers, to maximize revenue and build brand loyalty. The company works to promote a playful lifestyle for children by designing comfortable clothes that are built to last.
To learn more about Peekaboo Beans, visit: www.peekaboobeans.com.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact the Company at:
Cautionary Note Regarding Forward Looking Information
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.