Prospect Park Announces Private Placement and Closing of First Tranche

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NOT FOR DISTRIBUTION IN THE UNITED NATIONS NEWSWIRE SERVICES, NOR FOR DISSEMINATION IN UNITED STATES

VANCOUVER, British Columbia, Jan. 06, 2023 (GLOBE NEWSWIRE) — Prospect Park Capital ‎ Corp. ‎‎(CSE:PPK) (the “Company”) is pleased to announce a non-brokered private placement (the “Offering”) of common shares (each, a “Common Share”) and the closing of the first tranche of the Offering.

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Offering

The Company is happy to announce that it has offered up to 30,000,000 common shares at $0.01 per share. This will result in gross proceeds up to $300,000. The Company plans to use the net proceeds from this Offering for operational, general, and administrative purposes.

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Closing of this Offering is expected in multiple tranches. Company expects to close the Private Placement in subsequent tranches on or before February 12, 2023.

In connection with the issue and sale of Common Shares to ‎‎subscribers introduced to the Company by a registered dealer or finder (in each case, a “Finder”), the Company ‎‎may deliver to such Finder a cash commission (a “Cash Commission”) equal to 6% of the aggregate gross ‎‎proceeds from the sale of the Common Shares to the referred subscriber under the Offering. No other fee or ‎commission is payable by the Company in connection with the completion of the Offering.

The Offering, including the First Tranche, is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange (the “CSE”).

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Closing of the First Tranche

The Company is also pleased to announced the closing of the first tranche of the Offering pursuant to which the Company issued a total of 21,500,000 Common Shares at a price of $0.01 per Common Share for total gross proceeds of $215,000 (the ‘First Tranche”). The Company paid a Finder a Cash Commission in connection to the closing of the First Tranche. It was $12,900.

Common Shares issued pursuant First Tranche will be subject to a four-month holding period in accordance with Canadian securities law.

It is impossible to predict whether any additional tranches of the Offering will be completed.

This news release does not constitute an offer or solicitation to buy securities. It also does not contain any sale of securities in any jurisdiction where such an offer, solicitation, or sale would be illegal.

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For more information, please contact:

James Greig
Chief Executive Officer
Prospect Park Capital Corp.
Tel: (778) 788-2745

The CSE and its regulation services provider do not accept responsibility for the accuracy of this release. This information has not been approved by the CSE, any securities commission, or any other regulatory authority.

This news release contains certain statements and information which may constitute forward-looking material within the meaning Canadian securities laws. Forward-looking information refers to future events and future performance. It also reflects the management’s expectations or beliefs regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the use of proceeds of the Offering, the receipt of ‎Exchange final approval for the Offering, the closing of a subsequent tranche of the Offering and the timing thereof.

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Forward-looking statements can be subject to a variety of risks and uncertainties. Actual results may differ from those projected in these forward-looking statement. These risks and uncertainties include, among other things, risks related to the failure of the Company to receive the required corporate and regulatory approvals, including CSE approval, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. The Company made forward-looking statements in this news release based on several assumptions. These assumptions include, without limitation, those regarding the Company’s receipt of the necessary regulatory and corporate approvals.

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While management has made every effort to identify key factors that could cause actual results and to differ materially from the statements in forward-looking statements it contains, other factors may cause results not as expected, estimated, or intended. It is impossible to guarantee that forward-looking statements will be accurate. Actual results and future events can differ from those predicted. Readers should not place undue dependence on forward-looking information. These forward-looking statements may not be suitable for other purposes. Any such forward-looking statements are expressly qualified ‎in its entirety by this cautionary statement. The forward-looking statements included in this ‎news release is made as of the date of this news release. The Company will not update any forward looking statements in this news release unless required by securities laws.