VANCOUVER, BC / ACCESSWIRE / March 18, 2020 / Glenbriar Technologies Inc. ("Glenbriar" or the "Company") (GTI)(G1Q.F)(GBRTF) announces that the Company is undertaking a non-brokered private placement of up to 40,000,000 units at $0.01 per unit representing proceeds of $400,000. Each unit consists of one common share and one warrant exercisable into one common share at a price of $0.05 for a period of 2 years from the date of closing. Proceeds of the offering will go to general working capital and to review possible acquisitions.
Glenbriar has cancelled its planned share consolidation. Subscribers in the previous private placement who received shares based on the planned consolidation will receive an additional subscription unit for each unit purchased. An additional 20,308,000 units and 184,000 broker warrants will be issued at a deemed price of 2.5 cents per share. These units and warrants will be subject to trading restrictions of 4 months.
About Glenbriar Technologies Inc.
Company Description: In November 2017 Glenbriar Technologies Inc. (CSE:GTI.X) (G1Q.F) (GBRTF) sold its IT business to Uniserve Communications Corporation (TSX-V:USS), and is currently looking for acquisitions in the technology sector. In January 2020 the company acquired an 18% equity stake in Eleos Robotics.
For further information, please contact:
Doug Taylor, President and CEO
Telephone: 1 (604) 343-2977
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-
operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", should","would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Glenbriar Technologies Inc.
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