Non-brokered deal funds expansion and redemption of preference shares
By Devika Patel
Knoxville, Tenn., Dec. 12 – iLookabout Corp. said it plans a non-brokered private placement of units to raise between C$1 million and C$2 million.
The company will sell between 3,333,334 and 6,666,666 units of one common share and a half-share warrant at C$0.30 per unit.
Each whole warrant will be exercisable at C$0.60 for two years. The strike price is a 76.47% premium to the Dec. 11 closing share price of C$0.34.
Proceeds will be used for growth opportunities and expansion of the company’s core geographic information systems business, acquisitions, sales and marketing, capital infrastructure expansion and general corporate and working capital purposes. Funds may also be used to redeem some series 1 preference shares.
iLookabout is a visual data intelligence company based in London, Ont.
| Issuer: | iLookabout Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million (minimum), C$2 million (maximum)
|
| Units: | 3,333,334 (minimum), 6,666,666 (maximum)
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 12
|
| Stock symbol: | TSX Venture: ILA
|
| Stock price: | C$0.34 at close Dec. 11
|
| Market capitalization: | C$13.79 million
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