Hapbee Announces Closing of Private Placement

Company Raises $2.8 Million From Qualified Investors to Fund Product Development, Market Expansion and Manufacturing

VANCOUVER, British Columbia, April 18, 2024 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), the digital wellness technology company is pleased to confirm that it has completed a non-brokered private placement of units of the Company (“Units”) for aggregate gross proceeds to the Company of CAD$2,785,000 (the “Offering”). “This capital enables us to continue to evolve our products and to expand our market presence and manufacturing” said Yona Shtern, CEO and Executive Chairman of Hapbee.

As part of the Offering, the Company issued 50.536,363 Units at a price of CAD $0.055 per Unit (the “Offering Price”), which consisted in the issuance of 50.536,363 subordinate voting shares of the Company (“Shares”) and 50.536,363 Share purchase warrants (“Warrants”) with each Warrant entitling the holder thereof to acquire one Share at a price of CAD$0.11 per Share for a period of 3 years from the closing date of the Offering.

The expiry date of the Warrants will be subject to prior acceleration, at the discretion of the Company, should the volume weighted average price of the Company’s listed Shares on the TSX Venture Exchange (“TSXV”), or any other stock exchange on which the Company’s Shares are then listed, is greater than CAD$0.40 for a period of 10 consecutive trading days, the whole in accordance with the terms of the Warrants. Each Share and Warrant issued (including the Shares underlying the Warrants) will be subject to a hold period of four months plus one day following the closing of the Offering (the “Hold Period”) pursuant to Canadian and US securities laws.

Any net proceeds received by the Company from the Offering are intended to be used for product development, manufacturing, business development, working capital and general corporate purposes. The Offering remains subject to the review and final approval of the TSXV.

The Company is also delighted to welcome Jaylen Brown who will join Hapbee as Chief Innovation Officer and Rizwan Shah who will join as Chief Commercial Officer, both participated in the round.

The securities offered pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) (the “United States”), and may not be offered or sold within the United States, or to, or for the account or benefit of a U.S. Person (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) or a person in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or to, or for the account or benefit of, U.S. persons.