ParcelPal Technology Inc. (CSE: PKG) (FSE: PT0) (OTC: PTNYF) has received gross proceeds of over $1,000,000 from the exercise of 7,797,646 warrants prior to their expiration date on 1/12/2020 and 10/10/2019.

Through the exercise of these warrants, the company’s cash position of over $2,000,000 in addition to it’s outstanding receivables. The company plans on using the proceeds to further fund ParcelPal’s expansion strategy. The company expects each additional city for expansion to add a minimal amount of capital expenditure at roughly 40-50k, this leaving the company with a large run rate for expansion and execute on all current verticals for the upcoming 12 months.

The Company plans to execute on local and regional marketing campaigns focusing on a three-tiered roll-out plan that includes: brand awareness, user acquisition and user retention. During the launch phases ParcelPal will continue targeting users throughout each city by creating partnerships with local businesses and various types of media. The ongoing retention strategy includes a retargeting campaign to ensure customers use ParcelPal but also remember the Company as their go to solution for anything they want delivered.

President and CEO Kelly Abbott states, “We are privileged to have such strong support from our investor community as demonstrated by the successful warrant exercises. This additional capital will further our expansion efforts as we rapidly scale the ParcelPal platform nationwide. We are thrilled by the increase of general run rate from approximately $40,000 to $70,000 dollars on a weekly basis.”

About ParcelPal Technology Inc.  

ParcelPal is a technology driven logistics company that connects consumers to the goods they love. Customers can shop at partner businesses and through the ParcelPal technology receive their purchased goods within an hour. The Company offers on-demand delivery of merchandise from leading retailers, restaurants, medical marijuana dispensaries and liquor stores in Vancouver and soon in major cities Canada-wide.