Business
DataMetrex Completes $1.5 Million Private Placement
TORONTO, ON / ACCESSWIRE / August 20, 2024 / Datametrex AI Limited (the "Company" or "Datametre...
About this update from Datametrex Ai Ltd.
[{"type":"text","content":"DataMetrex Completes $1.5 Million Private PlacementTORONTO, ON / ACCESSWIRE / August 20, 2024 / Datametrex AI Limited (the \"Company\" or \"Datametrex\") (TSXV:DM)(FSE:D4G)(OTC Pink:DTMXF) is pleased to announce that further to its news release dated July 30, 2024, the Company has successfully closed the final tranche of its non-brokered private placement financing (the \"Private Placement\" or \"Financing\"), raising gross proceeds of $565,000.00, for an aggregate total of $1,521,909.30, across all 3 tranches.The final tranche consisted of 28,250,000 units (\"Units\") at a price of $0.02 per Unit. Each Unit comprises one common share in the capital of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share at an exercise price of $0.05 for a period of two (2) years from the date of issuance. No finder's fees were incurred in connection with the Financing.The net proceeds from the Private Placement will be used for general corporate and working capital purposes. The Common Shares and Warrants issued pursuant to the Private Placement will be subject to a four-month and one-day hold period required under applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.Insiders of the Company participated in the final tranche of the financing in the amount of $190,000. Insiders are considered \"related parties\" of the Company for the purposes of applicable securities laws and stock exchange rules. The subscription and issuance of Units by the Insiders constitute related party transactions but are exempt from the formal valuation and minority approval requirements of Regulation 61-101 - Protection of Minority Security Holders in Special Transactions as neither the fair market value of the common shares and common share purchase warrants issued to each of the Insiders, nor the consideration paid by such Insiders, exceeds 25% of the Company's market capitalization.Charles Park, CEO of the Company, stated, \"We are delighted to announce the closing of our private placement financing. The unwavering support from our investors highlights their trust in our strategic vision and operational strengths. This latest funding round is pivotal in propelling our corporate initiatives and accelerating growt...