Business
InsuraGuest Technologies Inc. (formerly, Manado Gold Corp.) Closes Plan of Arrangement
(via TheNewswire) Vancouver, BC - TheNewswire - February 26, 2020 - InsuraGu...
About this update from Insuraguest Technologies Inc
[{"type":"text","content":"InsuraGuest Technologies Inc. (formerly, Manado Gold Corp.) Closes Plan of Arrangement(via TheNewswire)\n \n \nVancouver, BC - TheNewswire - February 26, 2020 - InsuraGuest Technologies Inc. (the \"Company\") (TSXV:ISGI) is pleased to announce that they have closed the arrangement agreement dated January 14, 2019 (the \"Arrangement\") with InsuraGuest, Inc. The closing of the Arrangement constitutes a change of business of the Company, with the Company transitioning from the Mining Sector to the Technology Sector. \n\n \n \nName Change, Symbol Change and Share Consolidation \n\n \n \nPursuant to the Arrangement, the Company changed its name from Manado Gold Corp. to InsuraGuest Technologies Inc. and changed its TSX.V symbol from MDO to ISGI. Additionally, the Company consolidated its common shares on the basis of one post-consolidated common share of the Company for every two pre-consolidation common shares of the Company. \n\n \n \nPrivate Placement\n\n \n \nIn conjunction with closing the Arrangement, the Company closed a 10,275,525 unit private placement financing by issuing post-consolidation 10,275,525 units at a price of $0.20 per unit for gross proceeds of $2,055,105.\n\n \n \nEach unit consists of one post-consolidation common share of the Company (\"Share\") and one half of one share purchase warrant (\"Warrant\"), with each whole Warrant entitling the holder to acquire one additional Share at a price of $0.35 for 18 months from the date of issuance. \n\n \n \nThe securities issued under the private placement will be subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and rules of the TSX Venture Exchange. \n\n \n \nThe Company paid finder's fees totaling $62,160 and 310,800 Warrants to registered investment dealers in connection with the private placement with each whole broker warrant entitling the holder to acquire one post-consolidated share of the Company at a price of $0.35 for 18 months from the date of issuance. \n\n \n \nIssuance to InsuraGuest, Inc. Securityholders\n\n \n \nUnder the terms of the Arrangement, the Company issued the following securities to InsuraGuest, Inc. securityholders: \n\n \n \n\n\n(1)21,080,992 post-consolidated common shares of the Company; \n\n\n\n \n \n\n\n(2)5,180,000 warrants exercisable at a price of $0...