HLLPF - Hello Pal Announces Private Placement and Share Issuance under Vortex Cooperation Agreement for Live Streaming Video Service
(TheNewswire)
Vancouver, British Columbia - TheNewswire - November 17, 2020 - Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE:HP ) (CNSX:HP.CN) ( Frankfurt:27H ) ( OTC:HLLPF), a provider of rapidlygrowing international live-streaming, social messaging and languagelearning mobile apps, is pleased to announce that it will conduct anon-brokered private placement of up to 8,333,333 units (each a"Unit") at a price of $0.12 per Unit for gross proceeds of$1,000,000 (the "Offering").
Each Unit will be comprised of one common share andone-half of one common share purchase warrant (each whole sharepurchase warrant, a "Warrant"), with each whole Warrantentitling the holder to purchase one additional common share at aprice of $0.25 per share for a period of two (2) years from the dateof issue.
All securities issued in connection with the Offeringwill be subject to a four-month statutory hold period. The proceedsof the Offering will be used to grow the Company's livestreamingbusiness and working capital purposes.
Hello Pal also announces that Vortex Live Inc.("Vortex") and the principals of Vortex (the "VortexTeam") have met their milestone targets under the previouslyannounced Vortex cooperation agreement (see news release dated January26, 2019). The milestone achieved by Vortex include the launch of thelivestreaming service and obtaining over $1,000,000 in monthlyrevenues (the "Milestones").
In consideration of the Milestones, the Company hasissued a total of 23, 940,000 common shares of the Company to the principals ofVortex and the Vortex Team. The shares are subject to restrictions onresale for a period of four months for the date of issue. The shareswill also be subject to additional hold periods as set out under thecooperation agreement.
Hello Pal also announces that it has entered into aninvestor awareness agreement with Baystreet.ca Media Corp.("Baystreet") whereby Baystreet will develop investorawareness content on behalf of Hello Pal for a term of six months. Inconsideration of these services, Hello Pal will pay Baystreet a totalof $63,000.
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To download Hello Pal, Language Pal, Travel Pal or theproprietary Phrasebooks please visit the IOS or Android store. Forinformation with respect to the Company or the contents of this newsrelease, please contact the Company at (604) 683-0911 or visit thewebsite at hellopal.com .Email inquiries can be directed to: investors@hellopal.com .
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobileapplications built on a user-friendly messaging interface that focuson social interaction, language learning and travel. Hello Pal, hasbeen designed from the ground up to be easy to use and enables users'the freedom to speak in their own language regardless of the otherperson's language they are speaking to. Hello Pal's overriding missionis to bring the world closer together through social interaction, language learning and travel. By creating aplatform where it is easy to instantly interact with others around theworld and giving them the tools to communicate with each other in ajoyful and fun way, we hope to do our part (however small) infostering understanding and tolerance between all citizens of theworld.
Information set forth in this newsrelease contains forward-looking statements. These statements reflectmanagement's current estimates, beliefs, intentions, and expectations;they are not guarantees of future performance. Hello Pal cautions thatall forward-looking statements are inherently uncertain and thatactual performance may be affected by a number of material factors,many of which are beyond Hello Pal's control. Such risks anduncertainties are described in Hello Pal's annual and interimfinancial statements available on www.sedar.com. Although Hello Pal iscurrently generating revenues, Hello Pal remains in the growth stageand such revenues are yet to be profitable. Accordingly, actual, andfuture events, conditions and results may differ materially from theestimates, beliefs, intentions, and expectations expressed or impliedin the forward-looking information. Except as required underapplicable securities legislation, Hello Pal undertakes no obligationto publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NORDISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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