Fintech
Tenet Provides Update on Private Placement Financing
Jul 05, 2024 6:50 PM EDT | Source: Tenet Fintech Group Inc.
Toronto, Ontario–(Newsfile Corp. – July 5, 2024) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), a provider of innovative analytics services and owner and operator of the Cubeler® Business Hub, today provided the following update regarding its ongoing private placement financing of convertible note units and warrants (the “Financing“).
The Company reiterated its intent to close the Financing as expeditiously as possible, while continuing to seek to accommodate a group of strategic investors who requested an extension of Tenet’s previously established deadline to close the Financing. The deadline to close the minimum of $5,000,000 and maximum of $10,000,000 remaining on the Financing has now been set for August 15, 2024, with a first tranche of at least $2,500,000 to be closed no later than July 19, 2024. The Company notes that all other terms and conditions of the Financing will remain unchanged despite the recent decline in the Company’s stock price.
“This is not the announcement we expected to make today when we said at the Annual General Meeting that we would make a financing announcement this week,” said Tenet Johnson Chairman and CEO Joseph. “Unfortunately, something unexpected and beyond anyone’s control has occurred and we will have to delay that announcement. The good news is that we have been in constant communication with the other parties and are hopeful that the financing will close within the new agreed upon timelines. We felt it was important to make today’s announcement in a spirit of transparency, particularly given what we said at the Annual General Meeting, to keep our shareholders informed of any developments given the importance of the financing to the Company’s 2024 goals.”
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this press release, unless otherwise noted, include Tenet and all of its subsidiaries. Tenet subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions through or leveraging data collected from Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Visit our website at: https://www.tenetfintech.com/.
For further information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com
Capital Markets CHF
Cathy Hume, CEO
416-868-1079 internal: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
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Forecast information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often characterized by words such as “plan,” “continue,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” “could,” “will,” “potential,” “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that could cause Tenet’s actual results, performance or achievements to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this press release include, but are not limited to, holding companies with significant operations in China; general economic and business conditions, including factors impacting the Company’s operations in China such as pandemics and COVID-19; legislative and/or regulatory developments; global financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; regulatory actions; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional financing, dilution from additional financing; financial performance and timing of capital; and other risks detailed from time to time in Tenet’s reports filed with securities regulators in Canada. Reference should also be made to the Management’s Discussion and Analysis (MD&A) in Tenet’s annual and interim reports, Annual Information Form, filed with Canadian securities regulators and available through the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet’s profile at www.sedarplus.cafor a description of the principal risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements reflect information as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances or changes in beliefs, unless required by applicable securities laws. In the event that the Company updates a forward-looking statement, no inference should be made that the Company will make any further updates with respect to such statement, related matters or any other forward-looking statement.
Neither the Canadian Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the original version of this press release, please visit Italian: https://www.newsfilecorp.com/release/215614
SOURCE: Tenet Fintech Group Inc.