LOOP Insights Announces Closing of Oversubscribed Private Placement
Tuesday, November 12, 2019 7:05 AM
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
VANCOUVER, BC / ACCESSWIRE / November 12, 2019 / LOOP Insights Inc. (TSX.V:MTRX) ("Loop" or the "Company") is very pleased to announce that it has closed its oversubscribed non-brokered private placement (the "Offering") offering of units ("Units") for aggregate gross proceeds of $1,136,461.48.
"Investors today have many options available to them for investment," stated Rob Anson, Chief Executive Officer of Loop. "Therefore, we appreciate the confidence and support we continue to receive from both new and existing investors. They understand what we have built so far and help provide the momentum as we continue growing and developing the Company."
Pursuant to the Offering, Loop issued an aggregate of 4,058,791 Units at a price of $0.28 per Unit. Each Unit consisted of one (1) common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one (1) additional Common Share at a price of $0.35 for a period of thirty-six months.
The proceeds of the Offering will be used for general working capital and general corporate expenditure purposes. In connection with the completion of the Offering, the Company paid finder's fees of $78,596.92 and issued an aggregate of 280,702 finder's warrants ("Finder's Warrant") to certain parties who assisted the Company by introducing subscribers to the Offering. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $0.35 for a period of twelve months.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day, in accordance with applicable securities laws.
The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.
About LOOP Insights Inc.
LOOP Insights Inc. is a Vancouver-based technology company that has developed a unique automated AI marketing platform that intends to level the playing field for brick and mortar retailers in their battle with online digital competition. Loop gives brands and retailers the capability to inter-connect their physical and digital ecosystems by using the device that can be plugged into any point of sale environment, independent of hardware or IT networks, thus enabling rapid deployment and global scale. Retailers and brands benefit from making real-time, data-driven decisions that help them curate unique personalized customer experiences in stores, a capability which previously did not exist.
For More Information, Please Contact:
LOOP Insights Inc.
Soy Garipoglu, Manager, IR
E: [email protected]
CHF Capital Markets
Cathy Hume, CEO
T: 416-868-1079 x 231
E: [email protected]
LOOP Website: www.loopinsights.ai
This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop's control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: LOOP Insights Inc.