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InsuraGuest Announces Filing of a Rights Offering Circular and Concurrent Shares for Debt
Vancouver, British Columbia--(Newsfile Corp. - March 16, 2024) - InsuraGuest Technologies, Inc.&...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"InsuraGuest Announces Filing of a Rights Offering Circular and Concurrent Shares for DebtVancouver, British Columbia--(Newsfile Corp. - March 16, 2024) - InsuraGuest Technologies, Inc.® (TSXV: ISGI) (OTCQB: ISGIF) (\"InsuraGuest\" or the \"Company\") today announced that it has filed a rights offering circular (the \"Circular\") and rights offering notice (the \"Notice\") with respect to InsuraGuest's offering (the \"Rights Offering\") of rights (\"Rights\") to holders of common shares (\"Common Shares\") of record as of the close of markets on March 25, 2024 (the \"Record Date\"). The common shares of the Company will commence trading on an ex-rights basis on March 22, 2024.Pursuant to the Rights Offering, holders of Common Shares (\"Shareholders\") on the Record Date will receive one (1) right (a \"Right\") for each Common Share held. Each Right will entitle the Shareholder to subscribe for one (1) Common Share upon payment of a subscription price of $0.0125 CAD per Common Share (the \"Rights Price\"). No fractional Rights will be issued. No fractional Common Shares will be issued and any subscription resulting in a fractional share will be rounded up to the nearest whole share. US resident shareholders will have the option of subscribing at the US equivalent price of $0.0093 USD per common share.The company has also entered into a standby purchase agreement with Douglas Anderson(\"Anderson\"), the company's Director, CEO and largest shareholder (the \"Standby Purchase Agreement\"), pursuant to which Anderson, subject to certain terms and conditions and limitations, has agreed to exercise his basic subscription privilege in full to purchase 19,216,166 common shares (his Basic Subscription Privilege) at the Rights Price and to purchase under the Standby Purchase Agreement up to an additional 14,783,834 common shares not otherwise subscribed which will result in the Company receiving minimum total proceeds of not less than $425,000 CAD. The Company has determined that this amount along with its ongoing revenues should be sufficient to meet its financial requirements for the next 12 months. Anderson will be entitled to receive at closing a bonus warrant entitling Anderson to purchase 311,209 common shares of the Company for a period of 5 years at $0.05 per share which is equal to 25 percent of the total he may be required to...