SPOTLITE360 IOT SOLUTIONS,(“SpotLite360” or the “Company”) it has closed an offering of 5,000,000 units of the Company (the “Offer Units”) at a price of C$0.10 per Offer Unit for gross proceeds of $500,000. Each Offer Unit consisted of one 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”).
The Company intends to use the aggregate net proceeds of the Offering to support its supply chain tracing, tracking and sustainability initiatives across its core industries. The Company will increase it sales pipeline development and marketing initiatives, expand its solution development to support new opportunities in its core industries and accelerate growth through the continued expansion of its partner network. Finders’ fees of 120,000 common share purchase warrants on the same terms noted above were issued to qualified parties in connection with the Offering.
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Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offer Units were 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”). As the Offering closed pursuant to the Listed Issuer Financing Exemption, all securities issued are not subject to a hold period pursuant to applicable Canadian securities laws.
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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.
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