HIRE Technologies Provides Update on Non-Brokered Private Placement

Rhea-AI Summary

HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) received a second extension from TSX Venture Exchange to finalize a non-brokered private placement of up to $1,000,000. This extension allows until March 16, 2023 to complete the offering. HIRE has raised $500,010.01 in the first tranche by issuing 16,667,000 common shares at $0.03 per share. The offering is subject to final acceptance by TSXV, with all securities under a four-month hold period in Canada. This update emphasizes HIRE's commitment to financing its growth strategy while seeking to build a strong portfolio in human resources solutions.

Positive

• Secured up to $1,000,000 private placement, potentially strengthening the company's financial position.
• Successful first tranche completion, raising over $500,000.

Negative

• Further delays in completing the private placement could impact investor confidence.
• Dependence on the approval from TSXV for the final tranche raises uncertainties.

**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**

TORONTO, ON / ACCESSWIRE / February 16, 2023 / HIRE Technologies Inc. (TSXV:HIRE.V)(OTCQB:HIRRF) ("HIRE" or the "Company"), a company focused on modernizing and digitizing human resources solutions, announces that the TSX Venture Exchange ("TSXV") has granted a second extension of up to March 16, 2023 for the completion of the balance of the Company's previously announced non-brokered private placement of up to $1,000,000 (the "Offering") through the issuance of common shares of the Company (each, a "Common Share") at a price of $0.03 per Share (the "Offering Price"). To date, the Company has completed one tranche of the Offering, raising gross proceeds of $500,010.01 from the sale of 16,667,000 Common Shares (for more details regarding the offering, please see the Company's news release dated December 23, 2022).

The issuance of Common Shares is subject to final acceptance of the TSXV.

All securities issued in connection with the Offering will be subject to a four-month and one day hold period in Canada.

This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About HIRE Technologies Inc.

HIRE is a growing capital allocator that is rapidly establishing itself as a market leader in workforce management and staffing. HIRE's mission is to create a world-class portfolio of brands that will define the future of human resources through synergies, scale, and reach. The Company has extensive experience in building and growing staffing and executive search companies and is supported by a large recurring revenue base and a highly scalable shared services platform. This structure enables HIRE to create value for partners and shareholders. For more information, visit hire.company.

Contacts

Simon Dealy
Chief Executive Officer
(647) 264-9196
sdealy@hire.company

Neither the TSXV 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 news release.

Forward-Looking Information

This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of HIRE to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the completion of the Offering and the anticipated use of proceeds from the Offering. The closing of the Offering is subject to a number of customary conditions, including the approval of the applicable securities commissions and the TSXV, some of which are outside the control of HIRE. Purchasers are under no obligation to participate in another closing of the Offering and another closing might not occur. Circumstances may necessitate or make it desirable that HIRE use the proceeds of the Offering for different purposes than described above.

Risks and uncertainties applicable to the Company, as well as trends identified by the Company affecting it and the staffing industry can be found in the Company's MD&A and its continuous disclosure record available on SEDAR. Although HIRE has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended.

All forward-looking statements herein are qualified by this cautionary statement as of the date hereof. Accordingly, readers should not place undue reliance on forward-looking statements. HIRE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: HIRE Technologies Inc.

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FAQ

What is the private placement amount announced by HIRE Technologies?

HIRE Technologies announced a non-brokered private placement of up to $1,000,000.

When is the new deadline for HIRE Technologies' private placement?

The new deadline for the private placement is March 16, 2023.

How much has HIRE Technologies raised in the first tranche of the offering?

HIRE Technologies has raised $500,010.01 in the first tranche of the offering.

What is the price per share for the common shares in HIRE's offering?

The price per share for the common shares is $0.03.

What are the implications of the hold period for HIRE's securities?

All securities issued will be under a four-month hold period in Canada, limiting their immediate resale.