KTPPF - Katipult Announces Insider Securities Transactions

Canada NewsWire

VANCOUVER, Sept. 23, 2019

VANCOUVER, Sept. 23, 2019 /CNW/ - Katipult Technology Corp. (TSXV:FUND - Frankfurt: K10) ("Katipult" or the "Company") announces that the co-founders of Katipult, Mr. Brock Murray (Chief Executive Officer and Director) and Mr. Pheak Meas (Chief Product Officer and Director) (the "Vendors") have each agreed to sell from their personal holdings 2,625,000 common shares in the capital of the Company (the "Common Shares") and to grant options to acquire a further 2,625,000 Common Shares (the "Options") from their personal holdings.  The Common Shares and Options are being acquired by Mr. Brian Craig (Director) and Mr. Michael Broadfoot (Board Observer) (the "Purchasers").  Prior to closing this transaction, Mr. Murray currently holds 21,000,000 Common Shares and Mr. Meas currently holds 21,000,000 Common Shares.

The Common Shares are being purchased at a price of $0.25 per Common Share and the Options will be exercisable at a price of $0.25 per Common Share for a period of 5 years from the date of grant (subject to certain accelerated exercise provisions in favour of the Vendors). 

The Purchasers each currently hold $1,000,000 of unsecured convertible debentures of the Company issued on May 30, 2018 (the "Debentures").  The Debentures are convertible, subject to the terms thereof, into approximately 1,960,785 Common Shares (without including any accrued interest, which may also be converted to Common Shares at the election of the Purchasers). 

Assuming exercise of the Options and conversion of the principal amount of the Debentures into Common Shares, Mr. Craig would eventually hold 7,291,430 Common Shares (including 80,645 Common Shares currently held by Mr. Craig) and Mr. Broadfoot would eventually hold 7,210,785 Common Shares.  

Mr. Murray and Mr. Meas are selling a portion of their shares for personal financial reasons.  Mr. Craig and Mr. Broadfoot are purchasing to increase their overall investment levels in the Company and expect to be long term holders of the stock.

Closing of the transactions is expected to occur late in September or early in October once due process for new share certificates is completed.

About Katipult

Katipult (www.katipult.com) is a proprietary cloud-based software infrastructure to digitize and automate private placements, while providing best-of-breed standards for eliminating transaction redundancy, enhancing investor experience, and accelerating deal flow. We provide unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements. We have compliant platforms in over 20 unique regulatory environments.

Cautionary Note Regarding Forward Looking Statements:

Certain disclosure in this release, including statements regarding the closing of the transactions described herein and the exercise of the Options, constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including, but not limited to, the Company's understanding of the ability of the Vendors and the Purchasers to conclude the transactions and future performance of the Company. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Katipult Technology Corp.

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