iFabric Announces Overnight Marketed Public Offering

About this update from Ifabric Corp.

[{"type":"text","content":"iFabric Announces Overnight Marketed Public OfferingMarkham, Ontario--(Newsfile Corp. - January 19, 2021) -  iFabric Corp. (TSX: IFA) (the \"Company\") today announced that it has filed a preliminary short form prospectus in connection with an overnight marketed public offering (the \"Offering\") of units of the Company (the \"Units\"). The size of the Offering will be determined in the context of the market. Each Unit will be offered at $3.90 and consist of one common share (a \"Common Share\") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $4.60 per share over a period of 24 months. It is expected that a definitive underwriting agreement will be entered into between the Company and a syndicate of underwriters led by Stifel GMP, following the successful marketing of the Offering. The Company has agreed to grant the Underwriters an over-allotment option to sell up to an additional number of Units at the offering price as is equal to 15% of the number of Units sold pursuant to the Offering, exercisable in whole or in part, at any time and from time to time on or prior to the date that is 30 days following the closing of the Offering to cover over-allotments, if any, and for market stabilization purposes. The Company plans to use the net proceeds from the Offering for expansion of the Company's distribution network to emerging markets, ongoing research and development, clinical trial contributions, working capital and general corporate purposes.The Offering is scheduled to close on or about February 3, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.A preliminary short form prospectus containing important information relating to the Offering has been filed with the securities regulatory authorities in each of the provinces and territories in Canada, other than the Province of Québec and is still subject to completion or amendment. The preliminary short form prospectus is available via SEDAR at www.sedar.com. Alternatively, the Company, any underwriter or any dealer participating in the Offering will arrange to send you...

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