SPOTLITE360 IOT SOLUTIONS, announces that it is offering up to 5,000,000 units of the Company (the “Offer Units”) at a price of C$0.10 per Offer Unit for gross proceeds of no less than C$350,000 and up to C$500,000. Each Offer Unit consisting of one (1) common share and of one common share purchase warrant, each whole common share purchase warrant being exercisable to purchase an additional common share for a period of two years from closing at a price of C$0.12 (the “Offering”).
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The Company intends to use the aggregate net proceeds of the Offering for the acquisition of environmental control hardware and the implementation services related to realizing the existing backlog of business. The Offering is expected to close on or about January 19, 2023.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offer Units will be offered for sale to purchasers’ resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). Because the Offering is being completed pursuant to the Listed Issuer Financing Exemption, the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company also announces that Joel Dumaresq and Alexander Somjen have resigned from the board of directors, effective January 6, 2023 and Shawn Phillips has resigned as Senior Vice President of Operations, effective December 21, 2022.
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Following the resignations of Messrs. Dumaresq and Somjen, Glen McConnell, the Company’s Chief Financial Officer and Corporate Secretary and Dr. Eddie Shek have been appointed to the board of directors, effective immediately.
Mr. McConnell has served as the Chief Financial Officer and Corporate Secretary of the Company since June 2021. Mr. McConnell has 30 years of experience assisting companies in the manufacturing, software, service, cable, medical and dental products sectors in raising investment capital; reviewing and implementing policies to increase efficiencies in accounting systems and performing due diligence. Mr. McConnell holds a Master of Business Administration in Finance from the University of Colorado, Denver and a Bachelor of Science in Accounting from the University of Colorado, Boulder.
Dr. Eddie Shek is a technology advisor and executive coach helping technology companies build software products effectively and efficiently. He has over 30 years of experience leading full-cycle software product development, large-scale SaaS solution deployment, technology infrastructure management, corporate IT operations, customer support, and professional service delivery in fast-growth and dynamic environments. He is co-founder of and has served in Chief Technology Officer and Chief Strategy Officer roles at TrackX, Inc. (TSX.V:TKX). Dr. Shek holds a Ph.D. in Computer Science from UCLA and B.S. (summa cum laude) in Computer Science from Stony Brook University. He is President of the UCLA Engineering Alumni Association, a Member of UCLA Computer Science Alumni Advisory Board, and a Board Member of Stony Brook University Alumni Association.
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