Peekaboo Beans Announces Issuance of Convertible Unsecured Promissory Note and Debt Settlement
Vancouver, BC – Peekaboo Beans Inc (CSE:BEAN | OTCQB:PBBSF) (the “Company” or “Peekaboo Beans“), announces that it has issued a convertible unsecured promissory note (the “Note”). The Note has an outstanding principal amount of CAD$275,000, accrues interest at a rate of 12% per annum, matures 36 months from the date of issuance, and is convertible, from time to time, in whole or in part, into units of the Company at a price of $0.20 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, with each whole warrant exercisable into one Common Share of the Company at a price of $0.30 for 36 months from the date of issuance.
The Company also announces that it has completed a debt settlement with four creditors (the “Debt Settlement“). The Debt Settlement has resulted in an aggregate of CAD$140,232.50 of indebtedness being retired in consideration for the issuance of 701,162 Common Shares at a price of $0.20 per share. The indebtedness is held by arm’s length parties and has not resulted in the creation of a new insider or a new control person.
The Company further announces that is has issued a total of 72,916 warrants (each a “Warrant”) with an exercise price of $0.80 to an eligible finder who introduced subscribers to its private placements that closed on May 12, 2017 and June 29, 2017. 67,083 of the Warrants will expire on May 12, 2019 and 5,833 of the Warrants will expire on June 29, 2019.
The Debt Settlement, Warrants, 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.
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 omni-channel approach, Peekaboo Beans engages sellers through social platforms, including Instagram and Facebook, as well as online 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
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 the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.