Peekaboo Announces Issuance of Convertible Unsecured Promissory Note
Vancouver, BC – Peekaboo Beans Inc (TSX-V:BEAN) (the “Company” or “Peekaboo Beans”), announces that it has closed a private placement for current indebtedness of the Company owed to one subscriber for a convertible unsecured promissory note (the “Note”), subject to the approval of the TSX Venture Exchange. The Note has an outstanding principal amount of $184,722.17, accrues interest at a rate of 12% per annum, matures on March 9, 2020, and is convertible, from time to time, in whole or in part, into units of the Company at a price of $0.75 per unit (each a “Unit”).
Each Unit is comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable, at a price of $1.00 per Common Share until March 9, 2020. The terms of the Units are identical to the terms of the units issued pursuant to the private placement that closed on February 16, 2018. No finder fees or commissions were paid in connection with the issuance of the Note. The Note and any securities issued pursuant to the Note are subject to a hold period expiring four months and one day from the date of issuance of the Note.
About Peekaboo Beans Inc.
Peekaboo Beans is a Canadian public company with a majority female Board of Directors producing high-quality, ethically manufactured children’s apparel. Peekaboo Beans is sold exclusively through its direct-sales network of stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.