Business
EQ Inc. Announces Early Exercise of Warrants and New Credit Facility
Financing of Approximately $5 million from the Early Exercise of Warrants and New Bankin...
About this update from Eq Inc.
[{"type":"text","content":"EQ Inc. Announces Early Exercise of Warrants and New Credit FacilityFinancing of Approximately $5 million from the Early Exercise of Warrants and New Banking FacilityTORONTO, ON / ACCESSWIRE / July 9, 2020 / EQ Inc. (TSXV:EQ) (\"EQ Works\" or the \"Company\"), a leader in geospatial data and intelligence, is pleased to announce the expected closing of additional financing of approximately $5 million as a result of the exercise of warrants and a new credit facility with one of Canada's major banks. These two sources of additional capital further strengthen the Company's balance sheet, enabling it to accelerate development of its industry leading data platform, speed expansion into new industries and geographies, and lead with innovation to help the economy safely reopen and protect Canadians during and after the COVID-19 pandemic.Approximately $3.3 million (CAD) was raised from the early exercise of warrants which had been part of the December 2019 financing (the \"Warrants\"). On May 29, 2020, the Company announced the acceleration and new expiry date for the Warrants resulting in almost 100% of the Warrants being exercised at a price of $1.00 per share.The Company is also close to closing a new $1.6 million revolving credit facility (the \"Facility\") with one of Canada's largest banks. The Facility will bear interest at prime plus 2.5% per annum.\"We set aggressive targets for 2020 and we have more than the necessary financial resources to execute our plan,\" said Geoffrey Rotstein, CEO of EQ Works. \"Even with all the market challenges over the last few months, our data platform continued to evolve and strengthen, our business expanded into new verticals and geographies, and we continue to utilize our data assets and expertise on COVID-19 related modelling and technology development with various partners.\"EQ Works continues to gain traction with advertisers and marketers to prepare for the challenges of a post-pandemic world in which actionable AI-driven insights will be a primary driver of business outcomes.About EQ WorksEQ Works (www.eqworks.com) enables businesses to understand, predict, and influence customer behaviour. Using proprietary data sets, advanced analytics, machine learning and artificial intelligence, EQ Works creates actionable intelligence for businesses to attract, retain, and grow the customers that matte...