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Railtown Technologies Inc. Announces Increase to LIFE Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2023) - Railtown AI Technologies Inc. (C...
About this update from Railtown Ai Technologies Inc
[{"type":"text","content":"Railtown Technologies Inc. Announces Increase to LIFE Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - June 19, 2023) - Railtown AI Technologies Inc. (CSE: RAIL) (\"Railtown\" or the \"Company\") is pleased to announce that, due to investor demand, the Company is increasing the maximum number of units of the Company (each, a \"Unit\") issuable in connection with its previously-disclosed non-brokered private placement from 10,000,000 to 13,333,333, for aggregate gross proceeds of up to $2,000,000 (the \"Offering\"). The $0.15 issue price of the Units and the $1,200,000 minimum size of the Offering are unchanged.Each Unit will still consist of one common share in the capital of the Company (each, a \"Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will still entitle the holder thereof to acquire one additional Share at an exercise price of $0.25 per Share for a period of 36 months from the closing date of the Offering.The Offering is being completed pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 Prospectus Exemptions (the \"LIFE Exemption\"). Any securities issuable under the LIFE Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws.In connection with up to $1,100,000 of the Offering (increased from $300,000), the Company may pay eligible finders (each, a \"Finder\") a cash commission equal to 8% of the gross proceeds raised from purchasers introduced by such Finders and/or issue to such Finders that number of non-transferable common share purchase warrants (each, a \"Finder's Warrant\") equal to 8% of the number of Units sold to purchasers introduced by such Finders. Each Finder's Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.15 per Share for a period of 36 months from the date of issuance. In addition, the Company may pay a flat referral fee to certain Finders.Both the Warrants and the Finder's Warrants will be subject to acceleration such that if, during a period of 10 consecutive trading days prior to their respective expiry dates, the daily volume-weighted average trading price of the Shares on the Canadian Securities Exchange (the \"CSE\") or such other stock exchange where the majority of the trading ...