PowerBand Solutions Inc. Announces the Closing of the Second Tranche of its Previously Announced Private Placement

Jul 16, 2022

TORONTO, ON / ACCESSWIRE / July 15, 2022 / PowerBand Solutions Inc. (TSXV:PBX, Financial) (OTCQB:PWWBF) (FRA:IZVA) ("PowerBand" or the "Company"), a comprehensive e-commerce solution transforming the online experience to sell, trade, lease, and finance vehicles, announces today the closing of the second tranche (the "Second Tranche") of its private placement financing (the "Financing"), previously announced on May 10, 2022. Pursuant to the Second Tranche, PowerBand issued 17,316,801 units (the "Units") at a subscription price of CAD $0.30 per unit for gross proceeds of CAD $5,195,040.30. Each Unit consists of one common share of the Company (each, a "Common Share") and one warrant (each, a "Warrant"), with each Warrant exercisable for one additional common share at an exercise price of CAD $0.40 for a period of 60 months following the date hereof.

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