Vancouver, British Columbia–(Newsfile Corp. – March 19, 2020) – LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF) (FSE: 3KZ) (“LOOPShare” or the “Company”) is pleased to announce that it closed its previously announced $300,000 in inventory financing through the issuance of convertible debentures (the “Debentures”). The proceeds from the issuance of the Debentures will be used for the purposes of purchasing Scoot-E-Bike® units for resale. The Scoot-E-Bike® is available for sale on the website www.Scootebike.ca. and in select London Drugs locations.
The Debentures have a maturity date of March 18, 2021 and are convertible into class A common shares (each a “Share”) of the Company at the option of the holder at a conversion price of $0.245 per Share. The Company also issued an aggregate of 600,000 detachable share purchase warrants (each a “Warrant”). Each Warrant is exercisable into one additional Share (each, a “Warrant Share”) at an exercise price of $0.245 per Warrant Share until March 18, 2021. All securities issued in this transaction are subject to a statutory hold period that expires on July 19, 2020. Please refer to the Company’s press releases dated February 4, 2020 and March 18, 2020 for additional details on the terms of the Debentures.
LOOPShare Ltd. is an emerging global leader in ridesharing, micro-mobility and sustainable transportation. To learn more, visit www.loopscooters.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” concerning anticipated developments and events related to LOOPShare Ltd. (or the “Company”) that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to the sale of Scoot-E-Bikes®, the future conversion of the Debentures and the terms of the Debentures.
In certain cases, forward-looking information can be identified by the use of words such as “expects”, “intends”, “anticipates” or variations of such words and phrases or state that certain actions, events or results “may”, “would”, or “might” suggesting future outcomes, or other expectations, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the accuracy, reliability and applicability of the Company’s business model; the timely receipt of licenses; the timely receipt of e-scooters; the success of operations; the ability of the Company to implement its business plan as intended; the Company’s ability to access financing; and the impact of competition. While the Company considers these assumptions to be reasonable, they may be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed by the forward-looking information. Such factors include risks related to acts of God, the impact of general economic conditions, changing transportation industry conditions, increases in operating costs, terrorism, currency fluctuations, interest rates, risks specific to the transportation industry, the ability to attract qualified personnel, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses, financing, capitalization and liquidity risks, including the risk that the financing may not be obtained and the additional risks identified in the “Risk Factors” section of the Company’s filings with applicable Canadian securities regulators.
Although the Company has attempted to identify factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.