Tribe Property Technologies Announces Brokered Financing and Strategic Investment from Round13 Growth Fund

Jan 5, 2022

/NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES./

VANCOUVER, BC, Jan. 5, 2022 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”) is pleased to announce that it has entered into an agreement with Stifel GMP as sole bookrunner and together with Cormark Securities Inc. as co-lead agents and on behalf of a syndicate of agents (collectively, the “Agents”), in connection with a proposed marketed offering of units of the Company (the “Units”) for aggregate gross proceeds to the Company of up to $15 million at a price of $4.00 per Unit (the “Offering”). Round13 Growth Fund (“Round13”), a highly respected, late-stage growth equity investment fund, part of the Round13 Capital family of funds, will lead the financing and subscribe for $10 million worth of Units.

“We are delighted to partner with Tribe’s exceptional management team and help realize on Tribe’s vision to digitize the property management industry,” said Sanjiv Samant, Managing Partner of Round13 Capital. “We are excited to support the acceleration of Tribe’s robust product roadmap of property management technology tools as well as the Company’s plan to bring its products to new markets via M&A.”

Round13 Growth Fund invests in growth companies where there is an opportunity for technology enablement. Key to the fund’s mandate is helping bridge the late-stage growth funding gap in Canada between traditional venture capital and public market investors.

“We are pleased to be adding Round13 as a strategic shareholder. To receive the support of one of Canada’s leading value-added growth funds provides clear validation of our business model. After a very successful 2021, Tribe delivered on significant growth objectives, completing and integrating four acquisitions, creating a national footprint, all while achieving substantive revenue growth,” said Joseph Nakhla, CEO of Tribe. “This financing allows Tribe to pursue further M&A opportunities and continue to build on its national footprint, all while advancing the deployment of our new products and services to the growing condo and rental markets.”

In connection with Round13’s participation in the Offering and subject to regulatory and corporate law requirements, Round13 will be provided with certain rights, including: (i) right to nominate one director to the board of the Company at the Company’s next annual general or special meeting of its shareholders; and (ii) right to recommend a qualified independent director to the board of the Company at the Company’s next annual general or special meeting of its shareholders.

Each Unit will consist of one common share (each, a “Common Share”) and one common share purchase warrant (“Warrant”) of the Company. Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Warrant Share”) at a price of $5.10 per Warrant Share, until the date which is 36 months following the closing of the Offering, subject to adjustment in certain events.

The Company has agreed to grant the Agents an option to increase the size of the Offering by up to an additional 15% of the Units sold under the Offering, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing of the Offering.

The net proceeds of the Offering will be used to execute on the Company’s acquisition pipeline, and for working capital and general corporate purposes.

Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange (“TSXV”). All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus a day and TSXV hold period, as applicable.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Round13 Growth Fund

Round13 Growth Fund is a Toronto-based late-stage growth equity fund that supports tech-enabled businesses in Canada. Round13 Growth leverages deep strategic relationships, capital markets expertise and growth equity investment experience to add value to its portfolio companies with a hands-on approach. Round13 Growth is part of the Round13 Capital family of funds. For additional information, visit www.round13.com.

About Tribe Property Technologies

Tribe is a property technology company that is digitizing the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.

Tribe’s three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.  

Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.

ON BEHALF OF THE BOARD

“Joseph Nakhla”
Chief Executive Officer
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1155 West Pender Street, Suite 419
Vancouver, British Columbia
V63 2P4
(604) 343-2601
joseph.nakhla@tribetech.com

For further information, contact:
Corporate + Media
Jennifer Laidlaw
VP Communications and Marketing
Tribe Property Technologies
jennifer.laidlaw@tribetech.com
778-837-4314

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement on Forward-Looking Information

This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including statements relating to the expected size of the Offering, the anticipated timing of closing the Offering, the ability of the Company to satisfy all conditions to closing the Offering, the expected use of proceeds from the Offering and the Company’s goals and strategy. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital markets conditions, stock market volatility, the ability of the Company to obtain necessary consents for the Offering, including the approval of the TSXV, and the ability of the Company to complete the Offering on the terms expected or at all. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Related Links

https://tribetech.com/

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