VANCOUVER, BC, July 17, 2020 /PRNewswire/ – Hapbee Technologies, Inc. (“Hapbee” or the “Company”), a wellness technology company developing the revolutionary Hapbee wearable, is pleased to announce the closing of a financing for gross proceeds of approximately C$6.5 million (the “Offering”).
Non-brokered Private Placement
The Offering was conducted by way of a non-brokered private placement of convertible debentures (the “Convertible Debentures“). The Convertible Debentures will be automatically converted into units of the Company, prior to or concurrent to obtaining the final receipt of a prospectus and completing the listing on a recognized Canadian stock exchange, at a conversion price of C$0.30 per unit. Each unit will consist of one subordinated voting share (the “Share“) and one half of one Share purchase warrant (each a “Warrant“), each whole Warrant entitling the holder to purchase one additional Share at an exercise price of C$0.50 per Share for a period of two years from the issuance date of the Warrant.
“Now, perhaps more than ever before, people are seeking innovative and healthy ways to manage their daily lives and the emotions that come with it — such as stress, exhaustion, and difficulty concentrating,” said Scott Donnell, CEO of Hapbee. “With the closing of this Offering, I believe we have the growth capital needed to bring our revolutionary wearable to market and help empower people to choose how they feel.”
What is Hapbee?
Magnetism is a fundamental part of life. It plays a role in bird migration and fish navigation, among other phenomena. What’s more, magnetic fields have been used for various purposes for thousands of years. Today, magnetic fields are used for magnetic resonance imaging, to speed bone fracture repair, increase the rate of wound healing, decrease pain and other human conditions.
Hapbee is a non-medical wearable technology that uses proprietary ultra-low-frequency magnetic field technology to stimulate sensations (i.e., Happy, Alert, Focus, Relax, Calm and Sleepy) on command. Hapbee produces these sensations by delivering precise and informed low-power electromagnetic signals (“Signals” or “Cognates”). Hapbee is non-ionizing, non-thermal, and non-invasive.
1. Ultra-low wavelength
Hapbee emits an ultra-low energy magnetic field of < 22 kHz. In comparison, many of today's smartphones emit waves of up to 600 MHz, or 30,000x Hapbee. All of Hapbee's Signals have been tested and confirmed to fall below the standard International Commission on Non-Ionizing Radiation Protection ("ICNIRP“) safe exposure guidelines for low-frequency magnetic fields.
2. No substance ingestion
Through its precision electromagnetic fields, Hapbee stimulates sensations and feelings in the body without requiring users to ingest substances. The Company currently has six available Signals ready for use with Hapbee: Happy, Alert, Focus, Relax, Calm and Sleepy. Average time to return to baseline is 15 – 30 minutes upon cessation.
3. Ergonomic design
Hapbee’s ergonomic design allows users to wear the product comfortably on their heads, over the brim of a hat, or discretely…