VANCOUVER, BC, June 30, 2022: SWMBRD Sports Inc. (CSE: SWIM) (“SWMBRD” or the “Company”) is pleased to announce that, further to its News Releases of June 2, 2022 and June 13, 2022, nineteen eligible warrant holders (the Eligible Holders”) participated in the Company’s warrant incentive program and exercised an aggregate of 3,001,500 warrants (the “Warrants”) for aggregate proceeds to the Company of $300,150. To induce the early exercise of the Warrants, the Company issued an aggregate of 3,001,500 warrants (the “Incentive Warrants”) to the Eligible Holders. The Incentive Warrants are exercisable into the same number of common shares of the Company at an exercise price of $0.12 per common share until June 29, 2027.
Proceeds received from the exercise of Warrants will be used by the Company for general working capital purposes.
The Incentive Warrants and the common shares issuable upon exercise of the Incentive Warrants are subject to a four month and a day hold period from the date of the issuance of the Incentive Warrants pursuant to applicable Canadian securities laws.
About SWMBRD Sports Inc.
SWMBRD Sports Inc. is a Vancouver, B.C. based sporting goods company looking to enable millions to rethink their way of recreating in the water. Management believes that SWMBRD’s proprietary aquatic sports board, by virtue of its patented design, is revolutionary in how it empowers the human body in the water like nothing before, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
By offering an aquatic board sport that is versatile, easy to use, easy to store, and which can be used by all ages and body types in any body of water (rivers, oceans, lakes and pools), the Company believes the sport of swimboarding has the potential to become one of the most popular board sports in the world, and SWMBRD a great aquatic brand.
The Company has refined manufacturing techniques most relevant to the SWMBRD and has successfully produced demonstration fleets of fully functioning boards, which have been in rigorous real-world use in Hawaii, Canada and Greece. The Company is now preparing to commence large scale mass production under an OEM agreement with Tahe Outdoors of Vannes, France - the preeminent board sport manufacturer in Europe. It is SWMBRD’s intention to have Swimboards available for sale in December of 2022.
For further information please contact:
Justin Schroenn – President, Chief Executive Officer and Director
Matthew Schroenn – Vice President and Director
Telephone: 604-375 4664
Gareth Schroenn - Vice President