Toronto, Ontario--(Newsfile Corp. - June 7, 2023) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative fintech technology services provider and operator of the Cubeler® Business Hub, announced today that it has sold 2,142,858 units at a price of $0.14 per unit for gross proceeds of $300,000.12, representing the first tranche (the "First Tranche Offering") of a non-brokered private placement financing where the Company may sell units for proceeds of up to $3,000,000 (the "Offering").
Each unit sold (a "Unit") is comprised of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant") to purchase one Common Share at a price of $0.175 per share any time prior to June 7, 2025, subject to certain terms and conditions.
The First Tranche Offering was conducted through a private placement to a Cayman Segregated Portfolio Company, an Open-Ended Fund (the "Investor") managed by an investment firm headquartered in Hong Kong. The First Tranche Offering was executed in compliance with the applicable exemptions outlined in OSC Rule 72-503 Distributions Outside Canada.
Looking ahead, the Company is committed to completing the remaining tranches of Units in the Offering within a six-month timeframe. The pricing of each subsequent tranche will be determined at the time of issuance, adhering to the pricing policies set forth by the Canadian Securities Exchange.
Certain statements included in this presentation constitute "forward-looking statements" under Canadian securities law, including statements based on management's assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets", or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company's business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the "Risks and Uncertainties" section of the Company's MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
All amounts are in Canadian dollars unless otherwise indicated.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet's subsidiaries provide various analytics and AI-based services to businesses and financial institutions through the Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: http://www.tenetfintech.com
For more information, please contact:
Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations