Business
EQ Inc. Announces Closing of Previously Announced Overnight Marketed Public Offering of Common Shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Eq Inc.
[{"type":"text","content":"EQ Inc. Announces Closing of Previously Announced Overnight Marketed Public Offering of Common SharesNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / February 19, 2021 / EQ Inc. (TSXV:EQ) (\"EQ\" or the \"Company\"), a leader in geospatial data and artificial intelligence driven software, announced today the closing of its previously announced overnight marketed offering (the \"Offering\") of an aggregate of 7,187,500 common shares in the capital of the Company (the \"Offered Securities\") at a price of C$1.60 per Offered Security for total gross proceeds of C$11,500,000, which includes the full exercise of the over-allotment option granted to the Underwriters (as defined herein).The Offered Securities were offered by way of a short form prospectus filed in each of the Provinces of Canada, other than Québec, (the \"Prospectus\") and in the United States on a private placement basis to \"qualified institutional buyers\" pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), and by private placement to eligible purchasers resident in jurisdictions other than Canada and the United States.Canaccord Genuity Corp., as sole bookrunner, and Echelon Wealth Partners Inc. co-led the syndicate of underwriters for the Offering, which included Eight Capital and Desjardins Securities Inc. (collectively, the \"Underwriters\").The Company intends to use the net proceeds of the Offering to further develop its proprietary SaaS platform, expand its artificial intelligence and machine learning practices, marketing and branding initiatives, research and development, expansion into the United States and for working capital and general corporate purposes.No securities regulatory authority has either approved or disapproved of the contents of this news release. The Offered Securities have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the Offered Securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This new...