VANCOUVER, BC / TheNewswire / May 7, 2019 – ZoomAway Travel Inc. (TSXV: ZMA) (the “Company”) www.zoomaway.com, a leader in the hospitality technology sector, is pleased to announce that it has successfully closed on its recently announced placement of secured convertible promissory notes (the “Notes”) for gross proceeds of $750,000 USD ($1,000,000 in CAD) with AIP Asset Management (“AIP”).
After paying fees related to due diligence, facility fees and closing costs, the Company received net proceeds of $650,456 USD. The closing is subject to certain conditions, including that closing documents are provided to AIP within 30 days along with evidence of final approval of the TSX Venture Exchange.
The $750,000 USD may be converted into common shares of the Company at a price of $0.08 per share in the first year and $0.10 in year two (the “Conversions Price”). The Notes will mature 24 months (the “Maximum Term”) from the date of issuance, subject to semi-annual reviews and are secured against the assets of the Company and its subsidiaries. The Notes will bear interest at a rate per annum equal the 12-Month U.S. Dollar LIBOR Interest Rate plus 10 percent per annum. Interest shall be calculated and payable monthly, in advance, on the first day of each month until the entire Principle amount of the Note has been repaid in full.
Sean Schaeffer, CEO of Zoomaway Travel, commented, “We are pleased to complete this very important milestone within the company and are beholden to an approved use of proceeds. Those include among other things, the continued development of technologies that marry e-gaming and hospitality into our revolutionary platform “ZoomedOUT”, as well as the exploration of potential mergers and acquisitions”
All securities issued or issuable in connection with the Notes 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.
NOT FOR DISSEMINATION OR RELEASE IN THE UNITED STATES FOR IMMEDIATE RELEASE IN CANADA
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.) provides leading hotels, golf resorts, ski resorts, and activity providers with a seamless, scalable, and fully integrated technology platform that allows for the discounted packaging of lodging, ski, golf, activities, and attractions. It seamlessly integrates into client websites, providing their customers with a real-time one-stop shop for all of their travel and recreational needs. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
Travel Game (Canadian Co.) is a ZoomAway Travel, Inc. subsidiary company dedicated to housing new projects in the digital games. The company’s first project is ZoomedOUT which can be seen at www.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.
About Zero8
Zero8 Studios, based in Reno, Nevada, specializes in new and innovative games and technology platforms. With a focus on social gaming and almost two decades of experience building countless game titles, gaming platforms, and various technologies. The Zero8 Studios’ team has assisted dozens of AAA publishers, large clientele, manufacturers, and casinos in the design, production, and delivery of their products to players around the world. Additional information can be found at www.zero8studios.com
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. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Offering and has neither approved nor disapproved the contents of this press release.
