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HIRE Technologies Announces $3,000,000 Follow-On Private Placement

Newsfile Corp.
·5 min read

Toronto, Ontario--(Newsfile Corp. - December 3, 2020) - HIRE Technologies Inc. (TSXV: HIRE) ("HIRE" or the "Company"), a company focused on modernizing and digitizing the fragmented staffing industry, is pleased to announce that, due to overwhelming demand from investors, it has added a follow-on financing (the "Follow-On Offering") of up to an additional $3,000,000 over its previously announced $1,000,000 non-brokered private placement financing (the "Initial Offering") for combined gross proceeds of up to $4,000,000. Under both offerings, the Company proposes to issue units at $0.60 per unit with each unit consisting of one common share and one half of one share purchase warrant with each whole warrant exercisable for one common share for a period of 24 months at $0.90 per common share.

The proceeds from the Follow-On Offering, and any net proceeds from the Initial Offering not used to complete the proposed acquisition of Kavin Talent Management & Recruiting ("KTMR"), will be used to fund acquisitions and for use as working capital to deliver on the Company's strategic plan.

For further information about the Initial Offering and the KTMR acquisition, please see the Company's press release dated November 24, 2020.

Under both offerings, the Company may pay eligible finders a fee consisting of: (i) a cash payment equal to 6.5% of the gross proceeds raised from the offering; and (ii) non-transferable finders' warrants entitling the holder to purchase that number of common shares as is equal to 6.5% of the units, in each case, attributable to units purchased by subscribers introduced to the Company by eligible finders (the "Finder Warrants"). Each Finder Warrant is exercisable for one common share at a price of $0.60 per common share until 24 months after closing.

The Initial Offering and Follow-On Offering are subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities. All securities issued in connection with the Initial Offering and Follow-On Offering will be subject to a four-month and one day hold period in Canada.

The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. 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 these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About HIRE Technologies Inc.

HIRE is building a network of staffing, IT, and HR consulting firms. We help our partners navigate the changing world through growth solutions, focusing on digital transformation. Our partnership model emphasizes preserving the identity and independence of what our partners have built while providing them with the resources and support to take their businesses further.

For further information, please contact:

HIRE Technologies Inc.
Simon Dealy, Chief Executive Officer
Phone: (647) 868-9611
Email: sdealy@hire.company
Web: 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 press release.

Forward Looking Information

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to hereafter as "forward-looking statements") within the meaning of applicable Canadian securities legislation.

All statements that address activities, events or developments that HIRE Technologies expects or anticipates will, or may, occur in the future, including statements about HIRE's business prospects, future trends, plans, and strategies, including: the completion of future financings and acquisitions including the acquisition of KTMR and the proposed financings and the use of proceeds, are forward-looking statements. In some cases, forward-looking statements are preceded by, followed by or include words such as "may", "will", "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "intends", "proposes", "anticipates", "targeted", "continues", "forecasts", "designed", "goal", or the negative of those words or other similar or comparable words. Although the management of HIRE believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be accurate.

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 such forward-looking statements. Such factors include, among others: risks related to the recent outbreak of COVID-19, which may have material adverse effects on the global financial markets, and its business, financial position, financial performance, and cash flows; the impact on the business of broader economic factors; alignment of HIRE's cost structure with revenue; HIRE's limited operating history and needs for additional capital; uncertainty relating to liquidity and capital requirements; risks inherent in HIRE's acquisition strategy; HIRE may not be able to obtain financing necessary to implement HIRE's business plan; HIRE may not be able to obtain access to technology necessary to compete in the recruiting industry; HIRE operates in a highly competitive industry and may be unable to retain clients or market share; barriers to client portability are low; reliance on key management; and compliance with financial reporting and other requirements as a public company. Additional 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 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.

Such cautionary statements qualify all forward-looking statements made in this press release. 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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69438