Vancouver, British Columbia Apr 27, 2021 (Issuewire.com) – RAYL Innovations Inc. (“RAYL” or the “Company“), pursuant to the British Columbia Securities Commission (“BCSC“) Instrument 45-535, is Canada’s FIRST and ONLY company to successfully maximize participation utilizing the Start-up Crowdfunding Registration and Prospectus Exemption (the “Exemption“).
In partnership with Vested.ca, the Company’s placement has been fully subscribed and closed on April 26, 2021, with gross proceeds of $250,000, and 263 investors. The placement was priced at $0.50 per Special Warrant.
Each Special Warrant automatically converts into one common share of the Company on a one-to-one basis: (i) at any time, at the discretion of the Company; (ii) upon the issuance by a Canadian securities regulatory authority of a receipt for a final prospectus qualifying the issuance of the common shares upon conversion of the special warrants; or (iii) on that date that is 4 months plus a day from the date of listing on a securities exchange (the “Listing Date“). The Company is paying a Portal Fee of $19,750 and 200,000 Compensation Warrants (“CWs“). The CWs are exercisable at $0.50 and have a term of 24 months from the Listing Date.
Nicholas Jeffery, RAYL’s CEO commented: “We are very excited to be the first Canadian company to maximize an offering to non-accredited investors. In keeping with RAYL’s vision; democratizing integrated technology and business tools designed by business owners for business owners; we strongly believe that ALL Canadians should be allowed to participate in growth-stage financing, not just accredited investors.” Mr. Jeffery additionally commented: “It’s with great pride that we’ve also been able to offer equity participation, through Vested.ca, to our RAYL.Affiliate sales team and the dedicated RAYL.Apptive Beta Testing Team, all of whom have been tirelessly stress-testing the RAYL.Apptive platform and business suite; this has been a unique opportunity and one we’re very thankful to Vested.ca for facilitating.”
David Patterson, Vested.ca’s CEO stated: “RAYL has leveraged our platform to complete three allocations of seed capital and shareholder board lot allocations, anticipating an Initial Public Offering (“IPO“) later in the year. Vested.ca allowed for non-accredited investors such as RAYL’s Affiliate and Testing Team to participate in the Company at an early stage, which is an incredibly inclusive way to start the enterprise. It sets a new record for the Canadian crowdfunding platform and signals great things to come.”
Following the Company’s three rounds of Special Warrant Board Lot Distribution by way of Vested.ca and equity financing directly with the Company, RAYL currently has a broad distribution, anticipating more than 400 security holders providing an excellent shareholder base for the Company upon closing of its planned IPO with the TSX Venture Exchange (“TSX-V“) H2-2021.
About RAYL Innovations Inc.
RAYL Innovations Inc. (“RAYL“) is a Vancouver-based Canadian company founded in 2020. RAYL is a financial technology company offering integrated payment processing and business application solutions for business owners and merchants. While competitors only offer payment services, RAYL adds tremendous value by integrating key payment services, business solutions, financial services, and data analytics, with unique pricing strategies on an integrated and interoperable platform. RAYL’s three-cornered strategy includes:
RAYL intends to list onto the TSX Venture Exchange (“TSX-V“) H2-2021, subject to British Columbia Securities Commission and TSX-V approval.
For further information on the Company, its management team, RAYL.Apptive, RAYL.Pay, and RAYL.Financial, please visit our website at https://www.rayl.com.
ON BEHALF OF THE BOARD
“Jeremy Wright, CPA, CMA”
For Further Information Contact:
Jeremy Wright, Director (604)837-7990
Unless otherwise denoted, all currencies in Canadian Dollars.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Statements regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as (i) ability to complete the Transaction and the financings; (ii) a change in market conditions; and (iii) the fact that the Company has limited or no operating experience, and future operating results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements.
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Source :RAYL Innovations Inc.
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