VANCOUVER, British Columbia, Oct. 02, 2024 (GLOBE NEWSWIRE) -- On October 02, 2024, JPK Capital Holdings (Barbados) Inc., of Burnham Court, Bishop’s Court Hill, Upper Collymore Rock, St. Michael, Barbados BB11115
(“JPK”) , announces that it has acquired 25,000,000 common shares of PowerBand Solutions Inc. (“PowerBand”) in a private placement pursuant to which an aggregate of 217,410,000 common shares were issued by PowerBand from treasury at a price of $0.05 per common share.
Prior to completion of the private placement, JPK and its joint actor, Insurance Corporation of Barbados Ltd. ( “ICBL”), held an aggregate of 31,873,001 common shares and warrants to acquire an additional 31,573,001 common shares of PowerBand, representing 7.09% of the issued and outstanding common shares on an undiluted basis, and 13.18% of the outstanding common shares, assuming the exercise of all of the warrants held by JPK and ICBL but no other outstanding warrants. Both JPK and ICBL are companies controlled by Joe Poulin.
Following completion of the private placement, JPK and ICBL collectively hold a total of 56,873,001 common shares and warrants to acquire an additional 31,573,001 common shares of PowerBand, representing 8.53% of the Company’s issued and outstanding common shares on an undiluted basis, and 12.66% of the outstanding common shares, assuming the exercise of all of the warrants held by JPK and ICBL but no other outstanding warrants.
JPK acquired the shares pursuant to a subscription agreement with PowerBand with an aggregate subscription price of $1,250,000.
The shares were acquired by JPK for investment purposes. JPK and/or ICBL may, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over additional securities of PowerBand, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
This press release is issued pursuant to the early warning requirements of National Instrument 62-103 of the Canadian Securities Administrators which also requires a report to be filed with regulatory authorities in each of the appropriate jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the PowerBand’s documents under its profile on SEDAR+ at www.sedarplus.ca.
For further information, please contact:
Mark J. Coleman, Vice President, +1 (646) 873-0600, Mark@jpkcapital.com
