Vancouver, British Columbia--(Newsfile Corp. - June 6, 2018) - Hello Pal International Inc. (CSE: HP) (FSE: 27H) (OTC Pink: HLLPF) ("Hello Pal" or the "Company") provider of rapidly growing international social messaging, language learning and travel mobile apps announces that it has closed a convertible note (the "Notes") private placement in the principal amount of $500,000 (the "Financing"). Under the Financing, each Note will bear interest at a rate of 15% per annum and be due five (5) years from the date of issue.
The Notes will be convertible into units (a "Unit") at a price of $0.14 per unit and each unit will consist of one common share of Hello Pal and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase an additional share common share of Hello Pal at a price of $0.14 per share for a period of five years from the date of issue.
The securities issued under the Financing will be subject to restrictions on resale expiring on October 7, 2018. No finder's fees were payable under the Financing.
The Financing was priced in the context of the market based on a price reservation made by the Company with the CSE. Proceeds of the Financing will be used for developments to the Hello Pal Platform and general corporate purposes.
Hello Pal also announces that it has granted a total of 840,000 stock options to its directors, officers and consultants. The stock options have an exercise price of $0.22 per share and expire on June 6, 2023.
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 Ryan Johnson, Corporate Development at (604) 683-0911 or visit the website at hellopal.com. A new website is under development and due out soon as the Company issues further updates and developments. Email inquiries can be directed to: email@example.com.
To view a demo of the Hello Pal app please follow this link: Hello Pal Demonstration
To view a demo of the Travel Pal app please follow this link: Travel Pal Demonstration
Aboutthe 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.
Hello Pal, was the first app released to the public and experienced rapid growth building a diverse and active global user base. Travel Pal and Language Pal are the first and second companion apps to launch. Both apps benefit immensely from the existing and ever expanding globally based group of users. Each new app will launch with this established rapidly growing user base accelerating their adoption.
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 allforward-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 uncertaintiesaredescribed in Hello Pal's Listing Statement dated May 10, 2016 available on www.cnsx.ca. Accordingly,actual, and future events, conditions and results may differ materially from the estimates, beliefs,intentions, and expectations expressed or implied in theforward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Source: Newsfile Corp.