February 5, 2021 – TheNewswire - Calgary, Alberta - P Squared Renewables Inc. (TSXV:PSQ.P) ("PSQ" or the "Company"), a capital pool company, is pleased to announce that, further to its news releases dated June 2, 2020, July 15, 2020 and January 26, 2021, PSQ has closed the second and final tranche of its non-brokered private placement (the "Offering") of common shares ("Common Shares") on February 5, 2021. Pursuant to the Offering, PSQ issued 525,000 Common Shares at a price of $0.20 per Common Share for gross proceeds of $105,000 under this final tranche. The Common Shares issued in connection with the Offering are subject to a hold period that expires on June 6, 2021.
The net proceeds of the private placement will be used for working capital purposes and to fund various transaction costs related to completion of PSQ's proposed qualifying transaction with Universal Ibogaine Inc.
The completion of the Offering is subject to the Company receiving all necessary regulatory approvals, including final approval from the TSX Venture Exchange.
NEITHER THE 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and information. More particularly, this document contains statements and information concerning the use of proceeds received under the Offering. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", “will”, "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur. The forward-looking statements and information are based on certain key expectations and assumptions made by PSQ, including expectations and assumptions concerning timing of receipt of required regulatory approval and the satisfaction of other conditions to the completion of the Offering. Although PSQ believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PSQ can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required regulatory approvals are not obtained. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
For further information regarding the Offering or PSQ, please contact:
Shabir Premji, Executive Chairman & CEO
P Squared Renewables Inc.
Telephone: 403-870-1841
Email: spremji@p2renewables.com
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