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EQ Inc. Announces Upsizing of Its Previously Announced Non-Brokered Private Placement to $5 Million
This News Release is Intended for Distribution in Canada Only Not for Distribution to U...
About this update from Eq Inc.
[{"type":"text","content":"EQ Inc. Announces Upsizing of Its Previously Announced Non-Brokered Private Placement to $5 MillionThis News Release is Intended for Distribution in Canada OnlyNot for Distribution to U.S. Newswire Services or for Release, Publication, Distribution or Dissemination Directly, or Indirectly, in Whole or in Part, in or Into the United StatesTORONTO, ON / ACCESSWIRE / December 17, 2019 / EQ Inc. (TSXV:EQ) (\"EQ Works\" or the \"Company\"), a leader in delivering location behavioural data and intelligence, is pleased to announce that due to increased demand for its previously announced non-brokered private placement, press released on December 10, 2019, the Company has increased the size of the private placement (the \"Private Placement\"), resulting in aggregate gross proceeds of $5 million. On December 17, 2019, the Company completed a second and final tranche of 564,836 units (\"Units\") at a price of $0.75 per Unit for aggregate gross proceeds of $423,627.In total, the Private Placement consisted of 6,666,666 Units, with each Unit being comprised of one common share in the capital of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each full warrant, a \"Warrant\"). Each Warrant is exercisable at a price of $1.00 per Common Share, for a period of 24 months following the closing of the Private Placement. The expiry date of the Warrants may be accelerated by the Company at any time if the closing price of the Common Shares on the facilities of the TSX Venture Exchange (the \"TSX-V\") is greater than $1.25 for any 10 consecutive trading days following the date that is four months and one day after the closing of the Private Placement.The proceeds of the Private Placement are expected to enable the Company to continue building its data platform, developing its data science practice and further expanding into the U.S.In connection with the Private Placement, the Company paid aggregate finders fees of $26,170 in cash and issued 34,893 finder warrants on the same terms as the Warrants.Pursuant to applicable securities laws, the securities issued under the Private Placement are subject to a hold period for four months and one day from the closing of the Private Placement, expiring April 18, 2020. The Private Placement remains subject to the final acceptance of the TSX-V.About EQ WorksEQ Works (www.eqwor...