Grounded People Announces Non-Brokered Private Placement

Grounded People Apparel Inc. (CSE:SHOE)(OTC PINK:GPAIF)(FRA:K1G) has announced a non-brokered private placement of up to 3,333,333 units at a price of $0.60 per unit, aiming to raise up to $2,000,000. Each unit includes one common share and one transferable share purchase warrant, allowing the purchase of an additional share at $0.75 within five years. The closing date is expected around August 23, 2024.

The funds raised will be used for working capital and general corporate purposes. Amalfi Corporate Services Ltd. will receive shares equal to 1% of the units issued as an administrative fee. No finder's fees are anticipated.

Amalfi, controlled by CFO Geoff Balderson, is involved in a "related party transaction." The securities will remain subject to a four-month resale restriction following issuance. Approvals from the Canadian Securities Exchange are pending. The securities are not registered under the U.S. Securities Act, limiting sales within the United States.