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Tribe Property Technologies Announces Closing of Upsized Non-Brokered Private Placement Including the Company's Senior Leadership Team and Board of Directors
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES/
Tribe announces the upsizing and closing of its previously announced non-brokered private placement offering for aggregate gross proceeds of approximately $1,087,882, led by the Company's senior leadership team and Board of Directors
VANCOUVER, BC, March 31, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB US: TRPTF) ("Tribe" or the "Company"), a leading provider of technology-elevated property management solutions, is pleased to announce it has closed its fully subscribed non-brokered private placement (the "Private Placement") of 2,092,081 units of the Company (each, a "Unit") at a price of $0.52 per Unit to raise gross proceeds of $1,087,882.
Tribe Property Technologies logo (CNW Group/Tribe Property Technologies Inc.)
Each Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.82 any time on or before March 28, 2030. The Common Shares and Warrants issued pursuant to the Private Placement, including any Common Shares issued on exercise of Warrants, are subject to a hold period of four months and a day expiring July 29, 2025. The net proceeds of the Private Placement will be used by the Company to retire debt payments and reduce payables.
Joseph Nakhla, Tribe's Chief Executive Officer commented, "We are pleased to announce the closing of this financing and grateful for the support we received from the senior leadership team and members of the Board of Directors who have demonstrated their belief in the Company's future growth and strategic vision by participated in this financing. The funds from this financing will help ensure greater financial stability during these times of economic uncertainty, ongoing geopolitical tensions and trade conflicts."
The directors and certain officers of the Company have participated in the Private Placement. The directors of the Company include Charmaine Crooks, Raymond Choy, Alex Yanitsky, Andrew Kiguel, Sanjiv Samant, Michael Willis, and Joseph Nakhla as well as officers of the Company; Angelo Bartolini, and Scott Ullrich, collectively subscribed for 1,216,928 units (collectively, the "Related Party Participation"). The Related Party Participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Pursuant to sections 5.5(a) and 5.7(1)(a), the Company is exempt from obtaining a formal valuation and minority approval of the Company's shareholders in respect of the Related Party Participation due the fair market value of the Related Party Participation being below 25% of the Company's market capitalization for the purposes of MI 61-101.
The Company will file a material change report in respect of closing of the Private Placement. However, the material change report will be filed less than 21 days prior to the closing of the Private Placement, which is consistent with market practice and the Company deems reasonable in the circumstances.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Tribe Property Technologies
Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe's integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
ON BEHALF OF THE BOARD
"Joseph Nakhla" Chief Executive Officer 1606 – 1166 Alberni Street, Vancouver, British Columbia V6E 3Z3
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking information. Forward-looking information in this news release may relate to statements with respect to the aims and goals of the Company; use of proceeds of the Financing; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; prospective benefits of the Company's platform; and other factors or information. Such information represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking information. The Company does not intend, and do not assume any obligation, to update forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
