PUDO Inc announces closing of CDN $388,284 private placement
TORONTO, ONTARIO April 19, 2018 — PUDO Inc. (CSE:PDO) (OTCQB:PDPTF) (“PUDO” or the “Company”), North America’s first carrier-neutral Pick-Up Drop-Off Network (“Network”), is pleased to announce that it has closed a non-brokered private placement financing for aggregate gross proceeds of Cdn $388,284 (the ‘Offering”) by the issuance of an aggregate 204,360 units of the Company (each, a “Unit”) at a price of Cdn $1.90 per unit.
Each Unit consists of (i) one (1) common share in the capital of the Company (a “Common Share”), (ii) one half of one (1/2) common share purchase warrant A (each whole common share purchase warrant A being, a “Warrant A”), and (iii) one half of one (1/2) common share purchase warrant B (each whole common share purchase warrant B being a “Warrant B”). The Warrant As and Warrant Bs are collectively referred to herein as the “Warrants”. Each Warrant A shall entitle the holder thereof to acquire one Common Share (a “Warrant Share”) at a price of Cdn $1.75 at any time up to and until 4:30 p.m. (Toronto time) on March 29, 2019 (the”Expiry Date”). Each Warrant B shall entitle the holder thereof to acquire one Common Share (a “Warrant Share”) at a price of Cdn $2.50 at any time up to and until 4:30 p.m. (Toronto time) on the Expiry Date. If the volume weighted average trading price of the Common Shares on the CSE (as herein defined) is equal to or exceeds Cdn $3.00 for any period of 20 consecutive trading days, the Corporation may, at its option, within five business days following such 20-day period, accelerate the Expiry Date by delivery of notice (an “Acceleration Notice”) to the registered holders therefor and issuing a press release (an “Acceleration Press Release”), and, in such case, the Expiry Date shall be deemed to be 4:40 p.m. (Toronto time) on the 30th day following the date of issuance of the Acceleration Press Release.
The proceeds of the offering will be used to pursue the expansion of the COmpany’s PUDO Point location network in Canada and the Untied States, pursue strategic partners and retailers, and for general working capital.
The securities underlying the Units, including the Common Shares, the Warrants and, if applicable, the Warrant Shares, will be subject to a four-month hold period from the date of issuance. The Offering is subject to certain conditions, including but not limited to, the receipt of necessary approvals from the CSE.
About PUDO
Founded in 2015, PUDO Inc. is developing North America’s only “carrier-neutral” parcel pick-up/drop-off network. No other company in North America offers staffed retail locations; open for extended hours, to receive consumer deliveries by any carrier. PUDO Points include convenience stores, gas station mini- marts, and grocery stores.
Through the PUDO Point network, consumers can control parcel deliveries – receiving online parcels wherever they want, whenever they want – a fully customizable and convenient method of delivery. When packages arrive at the chosen PUDO Point, customers are automatically notified via text or email that their package has arrived and is ready for pick-up. E-commerce companies and other shippers utilizing PUDO can save on residential “last mile” delivery costs. Consumers can avoid the frustration and inconvenience of missed or stolen deliveries. The final destination of the parcel becomes the safe, staffed retail environment of a PUDO Point.
With a growing network of PUDO Point locations across the U.S. and Canada, PUDO is revolutionizing the North American parcel shipping model. PUDO was recently named one of the Top 20 most innovative public technology companies by the Canadian Innovation Exchange.
For more information, please visit www.pudoinc.com or www.pudopoint.com.
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, such as statements regarding possible capital raising activity and possible future expansions of PUDO’s operations. This information is based on current expectations and assumptions of management, including assumptions concerning PUDO’s ability to raise additional capital. The use of any of the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “can”, “will”, “should”, and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, without limitation, uncertainties with respect to service implementation, the economic results of the relationship on the operations of the Company, changes in general economic, market, or business conditions, and those risks set out in the Company’s public documents filed on SEDAR. This press release, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management’s reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by law.
For additional information about PUDO, please contact: Karen Speight, at
1-506-694-1250, karen.speight@pudopoint.com.
SOURCE PUDO Inc.
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