PTNYF - ParcelPal Logistics expands its footprint in the US via purchase of a U.S. Delivery Company

yalcinsonat1/iStock via Getty Images ParcelPal Logistics (PTNYF) inks a “letter of intent” to acquire a United States delivery service company for an expected sum of $3.1M, payable in 60% cash and in 40% restricted shares of ParcelPal common stock. Under the terms of the transaction, ParcelPal will acquire 95% of the outstanding shares of Acquiree’s capital stock, and Acquiree will enter into an exclusive services agreement with its principal business source. The cash portion of the purchase price will be funded from either (or a combination of) existing cash, the use of our equity line of credit facility and/or a non-brokered private placement financing. The parties intend to complete the proposed transaction between July 30 and August 10, 2021. Currently, there is no assurance that the proposed transaction will be completed on the terms proposed in the Letter of Intent or within the timelines. The Acquiree will become a subsidiary of ParcelPal Logistics, and

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ParcelPal Logistics expands its footprint in the US via purchase of a U.S. Delivery Company