VANCOUVER, BC / ACCESSWIRE / August 13, 2019 / ZoomAway Travel Inc. (TSXV:ZMA) (the "Company") www.zoomaway.com, an innovator in the hospitality technology sector, is pleased to announce that it has received expressions of interest from qualified investors for the proposed private placement of Units announced on July 30, 2019. The Company originally planned to complete such private placement on an exempt basis for five million (5,000,000) Units. Based on the high level of interest received, the Company is increasing the size of the offering to six million (6,000,000) Units. As previously announced, each Unit will be comprised of one common voting share and one share purchase warrant. The Units are to be priced at CAD $0.08 and each warrant will be exercisable into one common voting share at a price of CAD $0.10 until the date that is 12 months following the closing of the offering. Closing may occur in one or more tranches with the first closing now expected to occur on or about August 16, 2019.
It is not expected that any of the Directors or Officers of the Company, or their associates, will be purchasing Units, other than Mr. Mark Riden, a member of the Company's Board of Directors, who has expressed an interest in purchasing a small portion of this Offering. Mr. Riden is expected to purchase approximately 200,000 Units, which is 3.3% of the Offering, and would result in his owning 0.7% of the issued and outstanding shares of the Company post-offering (1.0% fully diluted).
No agent, broker or finder will be paid any fees in relation to the offering. This proposed private placement is subject to the approval of the TSX Venture Exchange.
After paying legal, accounting and administrative fees in relation to the private placement, the Company expects to receive net proceeds of CAD $425,000 which will be used for further development and marketing of it's ZoomedOUT project, further exploration of other complimentary mergers, acquisitions, partnerships, investor relations and continued working capital.
Sean Schaeffer, CEO of Zoomaway Travel Inc. reported, "I am happy with the response to our most recent announcements and the resulting market activity. I believe that we are right on track with our plans, and I am very pleased with the execution and results thus far. We will continue to use every tool at our disposal to keep adding pieces to achieve even better results."
All securities issued or issuable in respect of the Units are or will be subject to a statutory hold period expiring on the date that is four months and one day after the distribution date. None of the securities issued or issuable in connection with the Notes will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ZoomAway, Inc. (Nevada Co.) provides leading hotels, golf resorts, ski resorts, and activity providers with a seamless, scalable, and fully integrated technology platform that allows for the discounted packaging of lodging, ski, golf, activities, and attractions. It seamlessly integrates into client websites, providing their customers with a real-time one-stop shop for all of their travel and recreational needs. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
Travel Game (Canadian Co.) is a ZoomAway Travel, Inc. subsidiary company dedicated to housing new projects in the digital games. The company's first project is ZoomedOUT which can be seen at zoomedout.io. To receive more detailed, or investor level information, please contact us at email@example.com and we will respond with the appropriate documentation depending on your request.
About Zero8 Studios, Inc.
Zero8 Studios, based in Reno, Nevada, specializes in new and innovative games and technology platforms. With a focus on social gaming and almost two decades of experience building
countless game titles, gaming platforms, and various technologies. The Zero8 Studios' team has assisted dozens of AAA publishers, large clientele, manufacturers, and casinos in the design, production, and delivery of their products to players around the world. Additional information can be found at
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor it's Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Offering and has neither approved nor disapproved the contents of this press release.
SOURCE: ZoomAway Travel Inc.
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