Ellipsiz Communications Ltd.
Ellipsiz Communications Ltd. Announces Private Placement Financing
Friday, June 7, 2019 9:00 AM
TORONTO, ON / ACCESSWIRE / June 7, 2019 / Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSXV: ECT) (the "Company" or "ECL") wishes to announce that it is undertaking a non-brokered working capital unit private placement to raise proceeds of up to $400,000 (the "Offering") by offering up to 2,666,667 units (each a "Unit") of the Company at a price of $0.15 per Unit.
Each Unit consists of one common share of the Company and one (1) common share purchase warrant (a "Warrant"). Each WC Warrant entitles the holder to acquire an additional common share at $0.15 per share until two (2) years from the closing of the Offering.
The Company will not be paying finders' fees.
The funds raised in this offering will be used for working capital. The Offering is subject to regulatory approval. The securities issued will be subject to a hold period expiring four months plus one day from the closing of the Offering.
Insiders of the Company may subscribe for up to 25% of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insiders does not exceed 25% of its market capitalization.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Eric Chan, CFO
T: 416 977-3223
SOURCE: Ellipsiz Communications Ltd.