Plus8 Global Ventures, Ltd.

Plus8 Global Ventures, Ltd.

October 21, 2015 09:30 ET

Plus8 Global Ventures Announces Proposed Private Placement to Support the Development and Implementation of Proposed Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2015) -


Plus8 Global Ventures Ltd. ("Plus8" or the "Company"), (CSE:PGT) announces that it intends to complete a non-brokered private placement financing of up to 5,000,000 units at a price of $0.05 per unit to raise gross proceeds of up to $250,000 (the "Financing"). Each unit will consist of one common share and one-half a warrant, with one whole warrant entitling the holder to purchase one additional common share of the Company at $0.10 for a period of 12 months from closing. All securities issued in connection with the Financing will be subject to a hold period of four months from the date of closing. Certain finder's fees may be paid in connection with the Financing.

As announced on October 15, 2015, the Company has entered into a non-binding letter of intent ("LOI") to purchase all of the assets related to a parcel delivery mobile app technology platform known as "ParcelPal" from a Vancouver based software developer. In accordance with the terms of the LOI, the Company has agreed to acquire all of the assets related to ParcelPal in exchange for the issuance of 2,000,000 common shares of the Company. Although initial due diligence has been completed, the Proposed Transaction remains subject to several closing conditions including execution of a mutually acceptable definitive agreement and obtaining approval from the Canadian Securities Exchange (the "CSE"). The Company intends to use the proceeds of the Financing to support the Company's rollout of ParcelPal and for general working capital.

ParcelPal is compatible with iOS and Android devices and the Proposed Transaction would position the Company to compete in the on-demand delivery service. Assuming completion of the Proposed Transaction, Plus8's initial roll-out plan for ParcelPal would start in Vancouver and soon after would include Calgary, Edmonton, Montreal, Toronto and Ottawa. Individuals are now able to apply to become a delivery person from the website or directly using the ParcelPal Driver App which is available in the Apple App Store or Google Play Android store. After completing a screening test, delivery people will utilize the ParcelPal Driver App to engage with customers wanting delivery services using the ParcelPal Deliver App. It is intended that ParcelPal will be used for delivering items such as documents from legal firms, stationary, groceries, take-out food among other personal and business to business items. The Company plans to develop business relationships to provide same-day delivery of merchandise for leading retailers across Canada. The Company also intends to make ParcelPal available in select cities in the United States following the pilot program in Canada.

In addition, the Company also announces that it intends to issue 630,000 common shares at a deemed price of $0.05 per common share in order to settle a debt of $31,500.

The CSE or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.

CSE - Symbol: PGT

Shares issued: 16,054,850

Forward Looking Information

This news release contains forward looking statements relating to the Proposed Transaction, the Financing and the future potential of ParcelPal. Forward looking statements are often identified by terms such as "will", "may", "should", "intends", "anticipates", "expects", "plans" and similar expressions. All statements other than statements of historical fact, included in this release are forward looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the Proposed Transaction will not be completed due to, among other things, failure to execute definitive documentation, failure to complete satisfactory due diligence, failure to receive the approval of the CSE, failure to find suitable investors for the Financing, failure to complete the Financing or to use the proceeds of the Financing to support the rollout of the ParcelPal, and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the mobile application industry, failure of ParcelPal to gain market acceptance and potential challenges to the intellectual property utilized in ParcelPal. In addition, the issuance of common shares to settle certain of the Company's outstanding debts remains subject to the approval of the CSE. There can be no assurance that any forward looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The Company cannot guarantee that any forward looking statement will materialize and the reader is cautioned not to place undue reliance on any forward looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this news release are expressly qualified by this cautionary statement. The forward looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward looking statements as expressly required by Canadian securities laws.

Contact Information

  • Jason Moreau
    Plus8 Global Ventures, Ltd.