SWIM:CC - SWMBRD Announces Closing of First Tranche of Private Placement
(TheNewswire)
VANCOUVER, BC – TheNewswire - November 25, 2022 - SWMBRD Sports Inc. (CSE:SWIM) (“ SWMBRD ” or the“ Company ”) is pleased toannounce that it has completed a first tranche of its previouslyannounced non-brokered private placement (the “ Offering ”), as described in itsNews Release of October 28, 2022, pursuant to which it issued anaggregate of 3,265,000 units (each, a “ Unit ”) at a price of $0.05 perUnit for gross proceeds of $163,250. The Company expects to close asecond tranche shortly.
Each Unit was comprised of one common share (each, a“ Share ”) in the capital of the Company and one transferable Sharepurchase warrant (each, a “ Warrant ”). Each Warrant entitles the holderthereof to purchase one additional Share (each, a “ Warrant Shar e”) fora period of five (5) years from the closing date (the “ Closing Date ”) atan exercise price of $0.06 per Warrant Share.
The proceeds of the Offering will be used for the payment for production, shipping and storage of500 swimboards, trade show costs, marketing and general workingcapital . The securities issued in connectionwith the Offering are subject to a four month hold period from thedate of issuance.
No finders’ fees or commissions were paid inconnection with the Offering.
None of the securities acquired in the Offering were orwill be registered under the United States Securities Act of 1933, asamended (the “ 1933Act ”), and none of them may be offered or soldin the United States absent registration or an applicable exemptionfrom the registration requirements of the 1933 Act. This news releaseshall not constitute an offer to sell or a solicitation of an offer tobuy nor shall there be any sale of the securities in any state wheresuch offer, solicitation, or sale would be unlawful.
About SWMB RD Sports Inc.
SWMBRD Sports Inc. is a Vancouver, B.C. based sporting goods companylooking to enable millions to rethink their way of recreating in thewater. Management believes that SWMBRD’s proprietary aquatic sportsboard, by virtue of its patented design, is revolutionary in how itempowers the human body in the water like nothing before, giving waterlovers of all ages and abilities the freedom to explore all aquaticenvironments with ease.
By offering an aquatic board sport that is versatile, easy to use,easy to store, and which can be used by all ages and body types in anybody of water (rivers, oceans, lakes and pools), the Company believesSWMBRD and the sport of swim boarding has the potential to become oneof the most popular board sports in the world, and a great aquaticbrand.
The Company has refined manufacturing techniques most relevant to theSWMBRD and has successfully produced demonstration fleets of fullyfunctioning boards, which have been in rigorous real-world use inHawaii, Canada and Greece. The Company is now preparing to commencelarge scale mass production under an OEM agreement with Tahe Outdoorsof Vannes, France - the preeminent board sport manufacturer in Europe.It is SWMBRD’s intention to have Swimboards available for sale inDecember of 2022.
For further information please contact:
Justin Schroenn – President, Chief Executive Officer and Director
E-mail: justin.schroenn@swmbrd.com
Telephone: 778-870-1497
Matthew Schroenn – Vice President and Director
E-mail: matthew.schroenn@swmbrd.com
Telephone: 604-375 4664
Gareth Schroenn - Vice President
E-mail: gareth.schroenn@swmbrd.com
Telephone: 604-339-2721
Forward?LookingStatements
This news release containsforward?looking statements. All statements, other than statements ofhistorical fact that address activities, events or developments thatthe Company believes, expects or anticipates will or may occur in thefuture are forward looking statements. Forward looking statements inthis news release include statements regarding: the closing of theOffering, including planned use of proceeds of the Offering; theexpectation that the sport of swim boarding may become one of the mostpopular board sports in the world, and SWMBRD a great aquatic brand;and that the Company will complete large scale mass production andsale of its SWMBRD in December 2022. The forward?looking statementsreflect management’s current expectations based on informationcurrently available and are subject to a number of risks anduncertainties that may cause outcomes to differ materially from thosediscussed in the forward?looking statements. Although the Companybelieves that the assumptions inherent in the forward?lookingstatements are reasonable, forward?looking statements are notguarantees of future performance and, accordingly, undue relianceshould not be put on such statements due to their inherentuncertainty. Factors that could cause actual results or events todiffer materially from current expectations include, among otherthings: the Company may decide to use the proceeds of the Offeringdifferently than as disclosed; the sport of swim boarding may notbecome as widely adopted or popular as expected, and SWMBRD may notachieve any commercial success or become a known brand; and that theCompany may fail to complete large scale mass production and sale ofits SWMBRD in December 2022 as anticipated or at all; general marketconditions may impact the Offering and/or the business of the Company;factors related to the ongoing COVID?19 pandemic may impact theOffering and/or the business of the Company; and other factors beyondthe control of the Company. The Company expressly disclaims anyintention or obligation to update or revise any forward?lookingstatements whether as a result of new information, future events orotherwise, except as required by applicable law.
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