VANCOUVER, BC / ACCESSWIRE / June 9, 2021 / InsuraGuest Technologies, Inc.® (TSXV:ISGI)(OTCQB:ISGIF) ("InsuraGuest" or the "Company") is pleased to announce it has closed a private placement (announced April 29, 2021) by issuing 10,000,00 units at a price of $0.20 per unit for gross proceeds of $2,000,000.
Each unit consists of one common share of the Company ("Share") and one full share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to acquire one additional Share at a price of $0.35 for 2 years from the date of issuance. The Warrant has a clause allowing the company to accelerate expiry of the warrants if the stock trades over $0.50 a share for a period longer than 10 business days.
The securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to the applicable Canadian securities laws and rules of the TSX Venture Exchange and relevant restrictions under the securities laws of other jurisdictions where the placees may be residents.
The Company paid finder's fees totaling $57,360 and issued 286,800 brokers warrants to registered investment dealers in connection with the private placement with each whole broker warrant entitling the holder to acquire one share of the Company at a price of $0.50 for 12 months from the date of issuance.
"The closing of this private placement will give InsuraGuest the financial push it needs to enhance its marketing and sales in a post COVID-19 hospitality environment,"," states Logan Anderson, director and CFO of InsuraGuest Technologies, Inc.
Property Management System Integration
InsuraGuest now integrates with 82 different property management systems through its proprietary API, which enables an organization to transfer certain liability exposures to the InsuraGuest carrier. By transferring certain liabilities to InsuraGuest Hospitality Liability coverages, the covered hotel or vacation rental property can lower its claim ratio and risk profile, which may decrease the property's general liability premiums.
Created specifically for InsuraGuest, the Hospitality Liability policy is issued by InsuraGuest Risk Purchasing Group, LLC, and is administered by InsuraGuest Insurance Agency, LLC. CA/LIC: 6001686
InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSX.V:ISGI) (OTCQB ISGIF) is an insurtech (insurance+technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We are transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
For more information, visit: www.InsuraGuest.com.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive in the business owner policy sector, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
NEITHER 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: InsuraGuest Technologies Inc.