Hapbee Announces Closing of $7.7M Non-Brokered Private Placement and is Well Funded to Execute its Ambitious 2022 Program

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MONTREAL, January 31, 2022 /CNW Telbec/ – Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Happiness“or the”Society“), the wearable wellness technology company and creator of the Hapbee headband and Sleepbee sleep mask is pleased to announce the closing of the second and final tranche of the Company’s previously announced non-brokered private placement of units by the society (“Units“) at the price of $0.30 per Unit, for the gross proceeds of the second and final tranche of $1,592,368resulting in a total of 25,616,857 Units issued for aggregate gross proceeds of $7,685,057 (the “Offer“).

Hapbee Technologies, Inc. Logo (CNW Group/Hapbee Technologies Inc.)

“We are pleased to announce the closing of our enhanced financing, which has received strong demand from leading North American institutional investors,” said Yona Shtern, CEO of Hapbee. “Now well funded, we are in a fantastic position as a business to execute our overall growth strategy for 2022. This year’s growth plan includes expanding delivery of our wearable wellness devices to new customers and markets through the expansion of our distribution and marketing. I would like to thank our long-time stakeholders and our new stakeholders for their support and confidence in the Hapbee platform.”

Each Unit consists of one subordinate voting share in the capital of the Company (each, a “To share“) and one subordinate voting share purchase warrant (each, a “To guarantee“), each Warrant entitling its holder to acquire one Share for a period of three years from the applicable closing date at an exercise price of $0.50 by Action.

The net proceeds received by the Company from the Offering will be used for product development, business development, working capital and general corporate purposes.

The expiration date of the Warrants will be subject to pre-acceleration after the closing of the offering, at the discretion of the Company. As previously announced, if the Shares are trading at or above $1.00 on the TSX Venture Exchange (the “Exchange“) for a period of 10 consecutive trading days after the expiry of the four-month holding period, the Company may issue a press release extending the expiry date to 60 days after the filing of such press release.

The closing of the Offering is subject to certain customary conditions, including, without limitation, the approval of the Exchange. The securities to be issued under the Offering will be offered by way of private placement pursuant to applicable exemptions from prospectus requirements under applicable securities laws. Securities issued under the Offering will be subject to a hold period expiring four months and one day from the applicable closing date.

In connection with the closing of the second and final tranche of the Offering, the Company paid finder’s fees in cash for a total amount of $33,599.96issued a total of 70,000 finder’s shares and issued a total of 182,000 non-transferable finder’s warrants (each, a “Finder’s Warrant“), resulting in total finder’s fees under the offer of $148,652 paid in cash, 275,660 brokerage shares issued and 771,166 brokerage Warrants issued. Each Finder’s Warrant entitles its holder to purchase one Share at the price of $0.50 per share for a period of one year after the applicable closing date.

About Happee

Based in Canada, Hapbee is a wearable wellness tech company focused on helping people improve their mindset. Powered by patented Ultra-Low Radio Frequency Energy (ulRFE®) technology, Hapbee delivers low-power electromagnetic signals designed to produce sensations such as Happy, Alert, Focus, Relax and others. The Company has offices in Montreal, Vancouver, Seattle and Phoenix.

Hapbee is available for purchase on Hapbee.com.

Forward-looking information

Certain statements contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws (also referred to as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. information search. Forward-looking information can generally be identified by the use of words and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “believe”, “have the intention to”, “may”, “plan”, “expect”, “project”, “subject to”, “will”, “would”, and similar terms and expressions, including references to assumptions. Some of the specific forward-looking information contained in this press release includes, but is not limited to, statements regarding: the growth plan and the timetable for execution thereof; Hapbee being well funded to achieve its growth strategy; Hapbee being able to complete the Offer; the number of securities to be issued at the closing of the Offering and the gross proceeds received; the time of the closing of the offer; the payment of any finder’s fee and the form thereof; the exercise of Warrants; and the use of the net proceeds of the Offering.

Forward-looking information is based on a number of key expectations and assumptions made by Hapbee, including, without limitation: the impact of the COVID-19 pandemic on the Canadian and global economy and business of Hapbee, as well as the extent and duration of this impact; Hapbee will be able to execute its growth strategy as planned; Hapbee’s ability to complete the Offer; no material change will occur until Hapbee is able to complete the Offer; no changes in laws or regulations that adversely affect Hapbee’s business; there will be demand for Hapbee’s services and products in the future; all necessary approvals will be received and all conditions will be satisfied or waived; and Hapbee will be able to operate its business as intended. Although the forward-looking information contained in this press release is based on what Hapbee considers to be reasonable assumptions, it cannot assure investors that actual results will be consistent with this information.

Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be construed as a guarantee of future performance or results, as actual results may differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, among others, risks related to: that Hapbee will be able to achieve its business objectives and growth strategy as planned; the impacts of the COVID-19 pandemic on the Canadian and global economy, Hapbee’s industry and its business, which may adversely impact and may continue to adversely impact Hapbee and may materially adversely affect its investments, results of operations, financial condition and Hapbee’s ability to obtain additional equity or debt financing and to meet its financial obligations; the possibility for Hapbee to close the Offer; Hapbee’s ability to receive all necessary approvals, including stock exchange approval; the possibility for Hapbee to continue to list its Shares on the Stock Exchange or another stock exchange; circumstances may change and result in the use of the product; general economic conditions; future growth potential; price of its securities; liquidity; tax risk; the tax laws currently in force remaining unchanged; ability to access capital markets; environmental issues; and changes in laws or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based on reasonable assumptions and on information currently available; however, management cannot guarantee that actual results will be consistent with such forward-looking information.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to Hapbee. Forward-looking information is made as of the date of this press release, and Hapbee undertakes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable law.

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.

SOURCE Hapbee Technologies Inc.

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