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Innovotech Announces Final Approval for Closing of Private Placement
(via TheNewswire) Edmonton - TheNewswire September 2, 2020 . Innovotech ...
About this update from Innovotech Inc.
[{"type":"text","content":"Innovotech Announces Final Approval for Closing of Private Placement(via TheNewswire)\n \n \nEdmonton - TheNewswire September 2, 2020. Innovotech Inc. (\"Innovotech\") (TSXV:IOT) is pleased to announce final approval from the TSX Venture Exchange on the close of the private placement offering (the \"Offering\") previously announced on August 24, 2020. At the close, Innovotech raised $375,000 through the issuance of 1,875,000 units (\"Units\") at a price of $0.20 per Unit. Each Unit is comprised of one (1) common share in the capital of Innovotech (\"Common Share\") and one-half ( 1/2 ) Common Share purchase warrant and one whole warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.25 for a period of three (3) years following the date of closing.\n\n \n \nIf, after four months and one day following the date of closing, the closing price of the Common Shares on the principal market on which such shares trade is equal to or exceeds $0.40 per Common Share for twenty (20) consecutive trading days, then Innovotech will have the right to accelerate the expiry date of the Warrants to thirty (30) calendar days following the date that Innovotech has issued a press release announcing the exercise of the acceleration right and the issuance of the press release shall be deemed to be sufficient notice to all warrant holders of the shortened exercise term as a result of the acceleration, and no further notification will be provided by Innovotech.\n\n\n \nInnovotech intends to apply the proceeds from the Offering to general working capital. Innovotech conducted the Offering under various prospectus exemptions in accordance with National Instrument 45-106, Prospectus Exemptions.\n\n\n \nThe participation in the Offering by an executive officer of Innovotech may be considered a \"related party transaction\" (the \"Related Party\") as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Innovotech has determined that exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 are available. In particular, Innovotech has determined that the exemptions set out in paragraphs (a) and (b) in section 5.5 of MI 61-101 are applicable since the aggregate consideration to be paid by the Related Party does not ...