PRINCIPAL TECHNOLOGIES ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND SHARES FOR DEBT

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VANCOUVER, BC, Nov. 26, 2024 /CNW/ - Principal Technologies Inc. (the "Company" or "Principal") (TSXV: PTEC) (FSE: J07), is pleased to announce that it has strengthened its balance sheet by closing its previously announced non-brokered private placement at $0.25 per unit (the "Offering") and the conversion of outstanding debts to common shares at the same price.

The Company closed the Offering and issued 342,484 units at $0.25 per unit for gross proceeds of $85,621.00, subject to final approval from the TSX Venture Exchange ("TSXV"). Each unit (a "Unit") will consist of one common share (a "Share") of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share of the Company at $0.30 for a period of two (2) years from the date of closing. For more information on the Offering, see news releases of September 19, 2024 and November 8, 2024.

The Company also announces a shares-for-debt settlement. The Company has agreed to settle outstanding debt owed to three arm's length parties, through the issuance of 363,500 common shares of the Company (the "Debt Shares"). The principal amount of the debt to be settled or repaid (the "Debt Settlement") is an aggregate of $90,875 in fees and expenses (collectively, the "Debt"). The Debt is being settled through the issuance of 363,500 Debt Shares at a deemed price of $0.25 per Debt Share.

The Company received final approval of the TSX Venture Exchange (the "Exchange") to issue the Debt Shares and settle the Debt and closed the Debt Settlement on $90,875.

All securities issued pursuant to the Debt Shares and the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. The Offering remains subject to final approval of the TSX Venture Exchange.

About Principal Technologies

Principal Technologies Inc. is a Canadian-based healthcare acquisition company. The Company is engaged in building a portfolio of profitable healthcare technology companies with a focus on those with global distribution potential which have intellectual property capable of enhancing medical treatment quality, cost efficiency, optimization of the patient pathway, and implementation of point of care technologies.

ON BEHALF OF THE BOARD
Jerry Trent, Chief Executive Officer
Principal Technologies Inc.

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.

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, including in relation to the closing of the Offering and use of proceeds thereof, the satisfaction of the funding conditions and TSX Venture Exchange approval are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the absence of material changes with respect to the Company and its businesses; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; the successful negotiation and execution of definitive documentation and the receipt of all requisite approvals. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended.

Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE Principal Technologies Inc.

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