By Devika Patel
Knoxville, Tenn., July 13 - iLOOKABOUT Corp. said it took in C$1.04 million in the second and final tranche of a private placement of units via agent MGI Securities Inc.
The deal priced for C$2.5 million on May 29 and the company raised C$1.16 million on July 6. It took in a total of C$2.2 million in this financing.
The company sold 5,496,750 units of one share and one half-share warrant at C$0.40 per unit. It sold 2,888,750 units in the first tranche and 2,608,000 units in this tranche. Each whole warrant is exercisable at C$0.55 for one year.
Proceeds will be used to pursue growth opportunities, which may include the capture of additional streetscape image-data, increased sales and marketing efforts, expansion of capital infrastructure and for general corporate and working capital purposes.
Stroud Resources is a resource exploration company based in Toronto.
| Issuer: | iLOOKABOUT Corp
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2,198,700
|
| Units: | 5,496,750
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agent: | MGI Securities Inc.
|
| Pricing date: | May 29
|
| Settlement date: | July 3 (for C$1,155,500), July 13 (for C$1,043,200)
|
| Stock symbol: | TSX Venture: ILA
|
| Stock price: | C$0.31 at close May 29
|
| Market capitalization: | C$18.2 million
|
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