Carbeeza Inc. (OTC:CRBAF) Stock On The Radar After Recent Development

Most investors are expected to look into the stocks of those companies that were in the news yesterday, and hence, it may be a good time to dwell on the announcement from Carbeeza Inc. (OTC:CRBAF) on Thursday.

The company announced that it had been successful in the closing of the first tranche of the non-brokered private placement of units. Carbeeza had made an announcement about the private placement previously. It was revealed that the company had issued a total of 3,000,000 units in the private placement for the price of $0.10 each and generated gross proceeds to the tune of $300,000.

The company announced that the net proceeds from the placement would be used for the purpose of scaling up its marketing initiatives, continuing the financing of Carbeeza’s expansion into the United States market, and for general corporate needs. The unit that had been offered in the private placement was made up of one common share in Carbeeza and a full common share purchase warrant. The holder of the warrant would be entitled to exercise it and pick up a common share for the price of $0.25 each up until 18 months since the date of closing.

Both the common shares and the common shares that would be issuable following the exercise of the warrants would be subject to a hold period of four months and a day. The hold period had been put in place in line with the relevant securities laws as well as the policies of the stock exchange.

In this context, investors ought to note that Carbeeza is a software company based in Canada and operates a platform that is meant for the automotive market. Through the use of its advanced technology, the company seeks to bring the task of buying a car straight to a smart phone.