SWIM:CC - SWMBRD Announces Closing of Second Tranche of Private Placement
(TheNewswire)
VANCOUVER, BC – TheNewswire - January 2 5 ,2023 - SWMBRD Sports Inc. (CSE:SWIM) (“ SWMBRD ” or the “ Company ”) is pleased to announcethat it has completed a second tranche of its previously announcednon-brokered private placement (the “ Offering ”), as described in its News Releases of October28, 2022 and November 25, 2022, pursuant to which it issued anaggregate of 2,462,500 units (each, a “ Unit ”) at a price of $0.05 perUnit for gross proceeds of $123,125.00.
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.
In connection with the Offering, and in accordance withthe policies of the Canadian Securities Exchange (“ CSE ”), the Companypaid a registrant a finder’s fee comprised of a cash fee equal to 8% of the gross proceeds received by the Companyfrom subscribers introduced by the finder ($2,200), and such number of transferable share purchasewarrants (the “ Finder’sWarrants ”) which equals 8% of the number of Units sold by the Company to subscribersintroduced by the finder , being 44,000Finder’s Warrants. Each Finder’s Warrantentitles the holder thereof to purchase one common share in thecapital of the Company (each, a “ Finder’s Warrant Share ”) at a priceof $0.06 per Finder’s Warrant Share for a term of five (5) yearsfrom the date of issuance of the Finder’s Warrants.
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.
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. The forward?looking statements reflectmanagement’s current expectations based on information currentlyavailable and are subject to a number of risks and uncertainties thatmay cause outcomes to differ materially from those discussed in theforward?looking statements. Although the Company believes that theassumptions inherent in the forward?looking statements arereasonable, forward?looking statements are not guarantees of futureperformance and, /accordingly, undue reliance should not be put onsuch statements due to their inherent uncertainty. Factors that couldcause actual results or events to differ materially from currentexpectations include, among other things: the Company may decide touse the proceeds of the Offering differently than as disclosed; thesport of swim boarding may not become as widely adopted or popular asexpected, and SWMBRD may not achieve any commercial success or becomea known brand; and that the Company may fail to complete large scalemass production and sale of its SWMBRD as anticipated or at all;general market conditions may impact the Offering and/or the businessof the Company; factors related to the ongoing COVID?19 pandemic mayimpact the Offering and/or the business of the Company; and otherfactors beyond the control of the Company. The Company expresslydisclaims any intention or obligation to update or revise anyforward?looking statements whether as a result of new information,future events or otherwise, except as required by applicablelaw.
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