ZoomAway Announces Private Placement

Rhea-AI Summary

ZoomAway Travel Inc. announced a private placement of 4.2 million units at CAD $0.02 per unit, which includes one common voting share and one share purchase warrant. The warrants are exercisable at CAD $0.05 for three years. The first closing is anticipated around October 22, 2020, with expected net proceeds of CAD $72,000 for working capital. No fees will be paid to agents or brokers. Securities will be subject to a four-month hold period. Approval from the TSX Venture Exchange is pending.

Positive

• Private placement of 4.2 million units at CAD $0.02 each raises CAD $72,000 for working capital.
• Warrants with a 3-year exercise period at CAD $0.05 provide potential for future share price appreciation.

Negative

• The offering dilutes existing shareholder equity with the introduction of new shares.
• Dependence on market conditions for capital and investor sentiment may affect future fundraising efforts.

VANCOUVER, BC / ACCESSWIRE / October 21, 2020 / ZoomAway Travel Inc. (TSXV:ZMA)(OTCQB:ZMWYF) (the "Company" or "ZMA") www.zoomaway.com, is pleased to announce that it will conduct a private placement on an exempt basis consisting of four million two hundred thousand units (4,200,000) Units. Each Unit is comprised of one common voting share and one share purchase warrant. The units are to be priced at CAD $0.02 and each warrant will be exercisable into one common voting share at a price of CAD $0.05 until the date that is 36 months following the closing of the offering. Closing may occur in one or more tranches with the first closing expected to occur on or about October 22^nd, 2020.

No agent, broker or finder will be paid any fees in relation to the offering. The private placement is subject to the approval of the TSX Venture Exchange.

After paying legal, accounting, and administrative fees in relation to the private placement, the Company expects to receive net proceeds of CAD $72,000 which will be used for continued working capital. The Company does not anticipate making any payments from the proceeds to related parties, and the proceeds will not be primarily used to pay management fees or for investor relations activities.

All securities issued or issuable in respect of the Units are or will be subject to a statutory hold period expiring on the date that is four months and one day after the distribution date. None of the securities issued or issuable in connection with the Notes will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For additional information contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 | sean@zoomaway.com or stay up-to-date and sign up for our newsletter.

About Us

ZoomAway, Inc. (Nevada Co.) Zoomaway Travel Inc. is a technology company that is revolutionizing the Hospitality and Travel Industries. We have developed a variety of software solutions that enhance the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and re-imagination of mobile travel apps. In a full 3D environment, we are able to integrate planning, booking, social media, and camaraderie into a tangibly rewarding experience. We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.

ZMA Travel Game Inc. (Canadian Co.) (formerly TravelGameBlockChain Technology Inc.) is a ZoomAway Travel Inc. subsidiary company dedicated to housing new projects in the digital games. The company's first project is ZoomedOUT, being developed with the assistance of Zero8 Studios, Inc., which can be seen at zoomedout.io. To receive more detailed, or investor level information, please contact us at sean@zoomaway.com and we will respond with the appropriate documentation depending on your request.

Forward-Looking Statements

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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

SOURCE: ZoomAway Travel Inc.

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FAQ

What is the purpose of the private placement announced by ZoomAway Travel Inc. on October 21, 2020?

The private placement aims to raise CAD $72,000 for continued working capital.

How many units will ZoomAway Travel Inc. issue in the private placement?

ZoomAway will issue 4.2 million units in the private placement.

What is the price per unit in the private placement by ZoomAway Travel Inc.?

Each unit is priced at CAD $0.02.

What are the terms of the warrants included in the private placement by ZoomAway Travel Inc.?

The warrants are exercisable at CAD $0.05 for a period of 36 months from the closing date.

When is the expected closing date for ZoomAway Travel Inc.'s private placement?

The first closing is expected to occur on or about October 22, 2020.