TORONTO & SEATTLE–()–POSaBIT Systems Corporation (CSE: PBIT) (“POSaBIT” or the “Company”) declares that it has closed a non-brokered non-public placement (the “Offering”) of an combination of US$1,040,000 principal quantity of 12% convertible unsecured notes due December 31, 2023, convertible into frequent shares of the Company (“Common Shares”) at a conversion worth of C$0.12 per Common Share, and 5,650,231 frequent share buy warrants (the “Warrants”). Each Warrant will entitle the holder to buy one Common Share for a interval of 5 years at an train worth of C$0.12 per Common Share. The Company acquired combination gross proceeds from the Offering of US$1,040,000.

The securities issued pursuant to the Offering will likely be topic to a 4 month maintain interval in accordance with relevant Canadian securities legal guidelines.

The web proceeds raised below the Offering will likely be used for normal working capital and company functions.

In reference to the Offering, the Company paid to Canaccord Genuity Corp. finder’s charges consisting of $64,350 in money and 349,608 finder’s warrants, with every finder’s warrant exercisable to amass one Common Share of the Company till November 13, 2022 at an train worth of C$0.12 per share.

This press launch shall not represent a proposal to promote or solicitation of a proposal to purchase the securities in any jurisdiction. The securities won’t be and haven’t been registered below the United States Securities Act of 1933, as amended, and is probably not supplied or offered within the United States absent registration or relevant exemption from the registration necessities.

About POSaBIT

POSaBIT (CSE: PBIT) is a monetary expertise firm that delivers distinctive and progressive, blockchain-enabled cost processing and point-of-sale techniques for cash-only companies. POSaBIT focuses on resolving ache factors for advanced, high-risk, rising industries like hashish with an all-in-one resolution that’s compliant, user-friendly and makes use of top-of-the-line {hardware}. POSaBIT’s distinctive resolution supplies a safer and clear atmosphere for retailers whereas creating a greater general expertise for the buyer. For further info, go to: www.posabit.com.

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