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SERVICES OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 30, 2020 /CNW/ - Last Mile
Holdings Ltd. ("MILE" or the "Company")
(TSXV: MILE) (OTC: AZNVF), a leading micro-mobility
company with the broadest product suite in the industry, announces
that it has amended the terms of its previously announced
non-brokered private placement financing (the ''Offering'') for
gross proceeds of up to C$7,000,000.
Each Common Share Unit of the Company (the "Common Share Units")
will be at a price of C$0.075 per
Unit (the "Issue Price").
Each Unit will be comprised of one Common Share and one Common
Share purchase warrant (each whole warrant, "Warrant"). Each
Warrant shall be exercisable to acquire one Common Share
("Warrant Share") at a price of C$0.11 per Warrant Share for a period of 24
months from the closing of the Offering. If the closing price of
the Common Shares is at a price equal to or greater than
C$0.20 for a period of 10 consecutive
trading days, the Company will have the right to accelerate the
expiry date of the warrants by giving notice, via a new release, to
the holders of the Warrants that the Warrants will expire on the
date that is 30 days after the issuance of said news release.
Chairman and significant shareholder Louis Lucido will be participating and has
indirectly committed USD$1.0 million
in connection with the Offering.
The net proceeds from the Offering will be used for general
working capital purposes as well as to purchase approximately 4,000
new vehicles, which will be deployed to meet contractual agreements
with 10 municipalities and universities for shared mobility
systems.
"We appreciate the full support of our longstanding shareholders
and are looking forward to build on our momentum," said MILE CEO
Max Smith. "This financing enables
us to effectively double our outstanding vehicles for deployment
from 4,000 to 8,000, fueling the increased demand we're seeing in
many of our markets. Importantly, these new deployments will
fulfill existing contracts, providing us with a clear expansion
plan. We are committed to growing responsibly, and the funds
provided through this transaction should enable us to reach EBITDA
profitability in the foreseeable future."
All of the securities issued pursuant to the private placement
will be subject to a hold period of four months plus a day from the
date of issuance. Completion of the Offering is subject to the
final approval of the TSX Venture Exchange. In connection with the
private placement, the Company may pay finder's fees of up to 7%
cash/units and 7% finder's warrants to eligible persons.
For more information on Last Mile Holdings, visit
lastmile-holdings.com.
About Last Mile Holdings
Last Mile Holdings (TSXV:
MILE), formerly OjO Electric, is one of the largest micro-mobility
companies in the U.S., offering the broadest product suite in the
industry. Last Mile has 30 university and 50 municipal
contracted shared mobility systems under the OjO and Gotcha
brands. The acquisition of Gotcha in the first quarter of 2020
provides an expansive growth pipeline and a portfolio of products
including electric bikes, trikes, scooters, and cruisers. For more
information, visit lastmile-holdings.com.
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LinkedIn: Last Mile Holdings
Cautionary Statement Regarding Forward-Looking
Information
This news release includes certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks,
uncertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to: Last Mile Holdings and
Gotcha's business and prospects and the Company's objectives, goals
or future plans, including the planned deployment of its mobility
units; and the business, operations, expected future costs and
revenues for and management of the Company. Forward-looking
statements are necessarily based on a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties and other factors which may cause
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: the ability of Company to
meet its deployment targets, access to sufficient mobility units,
usage of mobility units, meeting the requirements of the permits
granted to Company including insurance, general business, economic
and social uncertainties including the impact of COVID-19;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals;
those additional risks set out in the Company's public documents
filed on SEDAR at www.sedar.com; and other discussed in this news
release. Accordingly, the forward-looking statements discussed in
this release, may not occur and could differ materially as a result
of these known and unknown risk factors and uncertainties affecting
the companies. Although the Company believes that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed time frames or at all. Except where required by law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Reader Advisory
Neither the TSX-V nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX-V) accepts responsibility of the adequacy or
accuracy of this release.
SOURCE Last Mile Holdings Ltd.
