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 that it will conduct a non-brokered private placement of up to 8,333,333 units (each a “Unit”) at a price of $0.12 per Unit for gross proceeds of $1,000,000 (the “Offering”).
Each Unit will be comprised of one common share and one-half of one common share purchase warrant (each whole share purchase warrant, a “Warrant”), with each whole Warrant entitling the holder to purchase one additional common share at a price of $0.25 per share for a period of two (2) years from the date of issue.
All securities issued in connection with the Offering will be subject to a four-month statutory hold period. The proceeds of the Offering will be used to grow the Company’s livestreaming business and working capital purposes.
Hello Pal also announces that Vortex Live Inc. (“Vortex”) and the principals of Vortex (the “Vortex Team”) have met their milestone targets under the previously announced Vortex cooperation agreement (see news release dated January 26, 2019). The milestone achieved by Vortex include the launch of the livestreaming service and obtaining over $1,000,000 in monthly revenues (the “Milestones”).
In consideration of the Milestones, the Company has issued a total of 23,940,000 common shares of the Company to the principals of Vortex and the Vortex Team. The shares are subject to restrictions on resale for a period of four months for the date of issue. The shares will also be subject to additional hold periods as set out under the cooperation agreement.
Hello Pal also announces that it has entered into an investor awareness agreement with Baystreet.ca Media Corp. (“Baystreet”) whereby Baystreet will develop investor awareness content on behalf of Hello Pal for a term of six months. In consideration of these services, Hello Pal will pay Baystreet a total of $63,000.
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: [email protected].
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 financial statements available on www.sedar.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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