TSX Venture Exchange
Trading Symbol: EYC
TORONTO, May 11, 2016 /CNW/ - Eyecarrot Innovations Corp (TSX-V: EYC) ("The Company") is pleased that the previously announced (see May 5th Press Release) $1,600,000 fully subscribed non brokered private placement has now been closed. The Company issued a total of 4,037,500 common shares at $0.40 per share, for total gross proceeds of $1,615,000.
The proceeds from the Private Placement will be used for the furtherance of the Company's business plan. The Company thanks those that participated in the Private Placement.
All securities issued in connection with the Private Placement are subject to a four month hold period expiring on September 11, 2016. Further restrictions may apply to certain subscribers under foreign securities laws.
Insiders participated in the Private Placement acquiring an aggregate of 625,000 shares on the same basis as other subscribers. The participation in the Private Placement by insiders of the Company constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company's market capitalization.
A material change report in connection with the Private Placement will be filed less than 21 days before the closing of the Private Placement. This shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Private Placement in a timely manner.
Eyecarrot is building the BinoviTM Cloud, a universal system for testing and measuring a human's Oculomotor Sensory System and connects patients, vision care practices and specialized vision performance centers of excellence on a common data and technology platform. Follow our story and learn more on our updated website, www.eyecarrot.com
On behalf of the Board of Directors
President | CEO
Telephone: 1.855.416.7158 - 416.943.6271
Forward looking information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eyecarrot Innovations Corp.
For further information: Adam Cegielski, President CEO, Telephone: 1.855.416.7158 - 416.943.6271