PUDO Announces Increase in Size of Private Placement and Concurrent Debt Settlement
TORONTO, Ontario, February 21, 2025 – PUDO Inc. (“PUDO” or the “Company”) (CSE: PDO; OTCQB: PDPTF) announces that due to increased demand, it is increasing the size of its previously announced non-brokered private placement (the “Private Placement”) and concurrent debt settlement (the “Debt Settlement”), as described in the Company’s news release dated February 3, 2025.
For the Private Placement, PUDO now intends to issue up to 2,592,592 common shares in the capital of the Company (each, a “Private Placement Share”) at a price of $0.135 per Private Placement Share for proceeds of up to $350,000, and, for the Debt Settlement, and up to 3,088,888 common shares in the capital of the Company (each, a “Settlement Share“) at a price of $0.135 per Settlement Share in respect of up to $417,000 owed to certain creditors of the Company.
PUDO intends to use the net proceeds of the Private Placement for general working capital.
Other than the increase in size of the Private Placement and Debt Settlement, all other details of the Private Placement and Debt Settlement remain as disclosed in the news release of the Company issued on February 3, 2025.
On Behalf of the Board of Directors
Elliott Etheredge, Chief Executive Officer
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About PUDO Inc.
PUDO Inc. is North America’s only independent parcel pick-up and drop-off counter network.
PUDO has created a Network of more than 1,200 storefront partners known as PUDOpoint Counters, strategically located very near to where people live, work, and play.
PUDO partners with retailers and logistics providers to offer a last-mile pick-up and returns network for ecommerce shoppers that reduces cost, increases convenience, and provides package security to the last-mile of package logistics.
For further information about PUDO contact: Elliott Etheredge, CEO, 1 (905) 507-7409 | elliott.etheredge@pudopoint.com; or Karen Speight, Admin Director, 1 (905) 507-7412 | karen.speight@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 estimated revenues from new contracts, increased parcel volume, activation and implementation of PUDO’s technology 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 integrate its new customers into its network and successfully execute on its new and existing contracts. 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, in particular the information in respect of estimated revenues, 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. T
he 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.
SOURCE: PUDO Inc.
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