01:05:36 EDT Sat 19 Jul 2025
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Hapbee Technologies Inc
Symbol HAPB
Shares Issued 211,079,083
Close 2025-07-17 C$ 0.085
Market Cap C$ 17,941,722
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Hapbee closes offering; director Ashraf subscribes

2025-07-17 20:25 ET - News Release

Mr. Riz Shah reports

HAPBEE ANNOUNCES INSIDER PURCHASE OF $1 MILLION USD VIA CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Hapbee Technologies Inc. has closed its previously announced non-brokered offering for aggregate gross proceeds of $1,507,000. Board member Ahsan Ashraf has participated in the private placement transaction by acquiring units of the company totalling $1.37-million.

This insider transaction follows prior purchases by other members of the board and the new leadership team, and reflects growing alignment and confidence in the company's operational progress. Hapbee has recently reported two consecutive quarters of quarter-over-quarter revenue growth, supported by increasing adoption of its wellness products.

"This decision reflects what I'm witnessing on the ground," said Mr. Ashraf. "Demand for Hapbee's technology has been strong, with frequent inventory backorders highlighting the enthusiasm from our growing customer base. The team is working with focus and intensity to sustain this momentum."

The company recently expanded its board and executive leadership team, and remains focused on operational excellence, customer satisfaction and responsible growth.

Chairman of the board Riz Shah commented: "Ahsan's insider purchase is a strong signal of conviction from within the boardroom. As our new CTO, his leadership goals are committed to those of our long-term shareholders, and we remain committed to executing on our new plan with discipline and clarity."

The net proceeds raised from the units will be used to finance product and business development and for working capital and general corporate purposes.

Pursuant to the closing of the offering, the company issued a total of 15.07 million units at 10 cents per unit. As previously announced, each unit consists of one subordinate voting common share and one-half of one non-transferable share purchase warrant. Each warrant shall be exercisable to acquire one additional share until July 17, 2027, at an exercise price of 20 cents. All securities issued under this offering are subject to a four-month-and-a-day hold period expiring on Nov. 16, 2025. No finders' fees were paid in connection with this offering.

The participation of Mr. Ashraf in the offering constituted a related-party transaction within the meaning of exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) adopted in Policy 5.9. The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of this related-party participation in the offering, as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related party, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

About Hapbee Technologies Inc.

Hapbee Technologies is a wearable wellness technology company with a proprietary platform that delivers low-power digital signals through wearable devices. These signals are intended to help users optimize how they feel -- including focus, relaxation and sleep. Hapbee products are used by customers worldwide seeking to support their wellness routines.

We seek Safe Harbor.

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