VANCOUVER, British Columbia & DENVER, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Koios Beverage Corp. (CSE: FIT; OTC: FITSF) (the "Company" or "Koios") is pleased to announce it has closed a non-brokered private placement of 2,000,000 units ("Units") at a price of CAD $0.05 per Unit for gross aggregate proceeds of $100,000 (the "Private Placement"). Each Unit consists of one common share in the capital of the Company (each, a "Share") and one transferable common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Share at a price of $0.075 per Warrant for a period of five (5) years from closing.
The Company intends to use the net proceeds from the Private Placement for marketing, development of its products, investor relations activity, and for general working capital purposes.
No finder's fees were paid on the Private Placement.
The Company also announces that it has entered into debt settlement agreements ("Settlement Agreements") to settle outstanding cash payments owed to certain creditors totaling $575,000 for consulting fees.
Pursuant to the Settlement Agreements, the Company has issued an aggregate of 11,500,000 Shares at a deemed price of $0.05 per Common share.
All securities issued in connection with the Private Placement and Debt Settlement are subject to a statutory hold period of four months and one day from the date of issuance.
None of the securities issued in connection with the Private Placement have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them have been offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
On behalf of the Board of Directors of the Company,
KOIOS BEVERAGE CORP.
"Chris Miller"
Chris Miller, CEO, and Director
For further information, please contact:
Gina Burrus
844-255-6467
gina@koiosbeveragecorp.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.