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01 Communique Announces Closing of Non-brokered Private Placement
01 Communique Announces Closing of Non-brokered Private Placement Canada NewsWire ...
About this update from 01 Quantum Inc.
[{"type":"text","content":"\n\n\n\n01 Communique Announces Closing of Non-brokered Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 29, 2019\n\n\n\nTORONTO, July 29, 2019 /CNW/ - 01 Communique Laboratory Inc. (TSXV: ONE) (the \"Company\") today announced it has closed a non-brokered private placement of units raising gross proceeds of $437,000.  \nPursuant to the offering the Company issued 3,641,665 units (\"Units\") at a per Unit price of $0.12, with each Unit consisting of one common share in the capital of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable for the purchase of one common share of the Company at a per share price of $0.15 for a period of 24 months from the date of closing of the private placement.\nThe proceeds raised from the private placement will be used by the Company for completing development of the IronCAP API (\"Application Programming Interface\"), IronCAP X and for general working capital purposes.  All securities issued under the private placement are subject to a hold period of four months and one day from the date of closing in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.\nAndrew Cheung, the Company's President and Chief Executive Officer acquired $50,000 of Units in the offering.  Mr. Cheung is considered to be a \"related party\" (within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")), making the offering a \"related party transaction\" (within the meaning of MI 61-101). The Company relied on the exemptions from obtaining a formal valuation for, and minority approval of, the subscription by Mr. Cheung pursuant to Section 5.5(b) and 5.7(a) of MI 61-101, respectively.\nAbout IronCAP API and IronCAP X:\nIronCAP is a patent-pending cryptography system designed to operate on conventional computer systems as we know them today while at the same time be secure enough to safeguard against future attacks from the world of quant...