VANCOUVER, May 30, 2019 /CNW/ - Datable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "DTC"), formerly 3TL Technologies Corp., announces, further to its news release dated May 27, 2019, that it has today closed its non-brokered private placement of 6,754,000 units of the Company (the "Units") at $0.08 per Unit for gross proceeds of $540,320 (the "Offering").

Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of a Share purchase warrant (each whole Share purchase warrant, a "Warrant").  Each Warrant entitles the holder to purchase one additional Share (a "Warrant Share") at a price of $0.15 per Warrant Share until May 30, 2021.

The net proceeds of the Offering will be used for sales and marketing, product development and for working capital.

The Company paid an eligible finder a cash commission in the aggregate amount of approximately $3,824 on the Offering within the amount permitted by the policies of the TSX Venture Exchange.

In addition, 398,400 Units were issued to an eligible finder along with 398,400 non-transferable finder's warrants (the "Finder's Warrants").  Each Finder's Warrant entitles the holder to purchase one additional Share (a "Finder's Warrant Share") at a price of $0.15 per Finder's Warrant Share until May 30, 2021.  Another eligible finder also received 45,045 Finder's Warrants.

Kim Oishi, Executive Chairman of the Company, subscribed to 3,672,750 Units which participation is considered as a "related party transaction" as such term is defined by Multilateral Instrument 61‐101 – Protection of Minority Security Holders in Special Transactions ("MI 61‐101").  The Company is relying on an exemption from the requirement to obtain formal valuation and minority shareholder approval as the fair market value of the participation in the Offering by Mr. Oishi does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61‐101.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. 

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States.  Such 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, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Datable Technology Corp.

DTC has developed a proprietary, mobile-based consumer marketing platform – PLATFORM³ – that is sold to global Consumer Packaged Goods (CPG) companies and consumer brands. PLATFORM³ is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM³ incorporates Artificial Intelligence and Machine Learning to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages.  For more information, visit datablecorp.com.

For additional information about the company please visit www.sedar.com. The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release.  Neither 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.  This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com).  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Datable Technology Corp.

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