Vancouver, British Columbia: Hello Pal International Inc. (“Hello Pal” or the “Company”) (CSE:HP Frankfurt:27H OTC:HLLPF), a provider of rapidly growing international live streaming, social messaging and language learning mobile apps, is pleased to announce it has closed a first tranche of its previously announced private placement and debt settlement by issuing a total of 35,000,000 common shares at a price of $0.06 per share for total proceeds of $2,100,000.
“We are extremely pleased that we freed up our balance sheet, which will allow us to focus our capital on the growth of our livestream business in Hello Pal,” states Gunther Roehlig, interim CFO of Hello Pal.
Under the initial tranche, the Company settled a total of $1,918,414 of indebtedness, which primarily consisted of debentures and loans. Hello Pal also received proceeds of $181,586 under the private placement financing. The Company anticipates the final tranche will be completed in the coming weeks.
All shares issued will be subject to restrictions on resale until October 25, 2020.
To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: firstname.lastname@example.org.
About the Hello Pal Platform
The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.
Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim management discussion and analysis available on www.thecse.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
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