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VANCOUVER, March 3, 2017 /CNW/ - Peekaboo Beans Inc.
("Peekaboo Beans" or the "Company") (TSXV-BEAN), a direct-sales
retailer of children's apparel, today announced plans to expand its
independent sales network or "Stylists" into the United States (the "US Expansion"), along
with continued strategic growth in Canada. It is
anticipated that Peekaboo Beans will initially launch in Fall
2017 in the Pacific Northwest of the
United States region to gather marketplace feedback and
launch nationally across the United
States in 2019.
"Our expansion into the United
States is in direct response from interest in our brand in
the United States," according to
Ms. Traci Costa, Founder and CEO of
Peekaboo Beans. "In 2015, the direct sales industry in
the United States generated over
US$36-billion in retail sales and
employed over 20-million Americans, the vast majority of which are
women. "1 in 7 seven households owns a direct sales business
in the United States and Peekaboo
Beans offers a real entrepreneurial opportunity for women to sell a
product they believe in and buy for their own children," according
to Ms. Costa.
Additionally, Peekaboo Beans is pleased to announce that it has
engaged Canaccord Genuity Corp. ("Canaccord") to act as lead agent
and sole bookrunner in connection with a private placement for
aggregate gross proceeds of up to $5,000,000 (the "Offering"). The Company
will issue up to 6,666,667 units of the Company (the "Units") at a
price of $0.75 per Unit pursuant to
the Offering. Each Unit will be comprised of one common share
of the Company and one common share purchase warrant (each, a
"Warrant"). Each Warrant shall be exercisable into one common
share of the Company at a price of $1.05 for a period of 24 months following closing
of the Offering. The exercise period of each Warrant
may be accelerated by the Company if at any time during the term of
the Warrant the volume weighted average price of the Company's
common shares on the TSX Venture Exchange is equal to or greater
than $1.55 over a period of 10
consecutive trading days. The Company has also granted Canaccord an
option to sell up to an additional 1,000,000 Units. The Offering is
being sold on a "commercially reasonable efforts" basis and is
subject to completion of satisfactory due diligence by
Canaccord. Concurrent with the Offering, the Company may
issue up to $1,000,000 of Units on a
non-brokered basis (the "Non-brokered Offering").
The Offering and the Non-brokered Offering are expected to close
concurrently on or about March 31,
2017, and are subject to approval of the TSX Venture
Exchange, and in the case of the Offering, customary closing
conditions for brokered financings. Closings of the Offering
and Non-brokered Offering are not conditional on each other.
The Company intends to use the proceeds from the Offering and
Non-brokered Offering for the US Expansion and expanding operations
in Eastern Canada which will
include, in each case, sales training, marketing initiatives,
software development and inventory.
About Peekaboo Beans
Peekaboo Beans Inc. is a high-quality, ethically manufactured
children's apparel brand sold exclusively through its direct-sales
network of Stylists or independent sales representatives. In
line with its mission, Peekaboo Beans develops custom fabrics and
designs its apparel to promote play in children's lives. Through
the direct-sales model, Peekaboo Beans trains women to be
entrepreneurs, build a business and generate income on their own
terms.
Peekaboo Beans has 7,026,423 Common Shares and 2,960,258
warrants outstanding.
Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may include forward-looking information
that is subject to risks and uncertainties. All statements within,
other than statements of historical fact, are to be considered
forward-looking, including statements with respect to anticipated
use of proceeds from the Unit Financing and completion of
additional tranches pursuant to the Unit Financing. Although the
Company believes the expectations expressed in such forward-looking
information are based on reasonable assumptions, such information
is not a guarantee of future performance and actual results or
developments may differ materially from those contained in
forward-looking information. Factors that could cause actual
results to differ materially from those in forward-looking
information include market prices, successes of the operations of
the Company, continued availability of capital and financing,
general economic, market or business conditions and those risks
contained in the Company's filing statement dated August 29, 2016, a copy of which is available on
SEDAR at www.sedar.com. There can be no assurances that such
information will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. The Company
does not assume any obligation to update any forward-looking
information except as required under the applicable securities
laws.
To view the original version, visit:
http://investors.peekaboobeans.com/overview/
SOURCE Peekaboo Beans Inc.