iLOOKABOUT Announces $5 Million Bought Deal Financing
Apr 27, 2017, 16:15 ET
/NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
TORONTO, April 27, 2017 /CNW/ - iLOOKABOUT Corp. (TSX-V: ILA) ("iLOOKABOUT" or the "Company"), is pleased to announce today that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,000,000 common shares of the Company (the "Common Shares") at a price of $0.25 per Common Share (the "Offering Price"), for aggregate gross proceeds of $5.0 million (the "Offering").
In addition, the Company has granted the Underwriters an option (the "Over-Allotment Option"), to purchase up to an additional 3,000,000 Common Shares at the Offering Price for a period of 30 days following the closing of the Offering. In the event that the Over-Allotment Option is exercised in its entirety, the aggregate gross proceeds of the Offering to the Company will be $5.75 million. Closing of the Offering is expected to occur on or about May 17, 2017. The Offering is subject to certain customary conditions, including, but not limited to, all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
iLOOKABOUT intends to use the net proceeds of the Offering to accelerate new product development, position the company for new opportunities, including potential future acquisitions, and for general corporate purposes.
The Common Shares will be offered by way of a short form prospectus to be filed in each of the provinces and territories of Canada, excluding Quebec.
This news release is not an offer of securities for sale in the United States. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About iLOOKABOUT Corp.
iLOOKABOUT is a software, data analytics and visual intelligence company focused on real property. The Company primarily serves the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's proprietary StreetScape imagery and real property focused web-based application, GeoViewPort™, unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated data analytics and workflow management applications into GeoViewPort™ which creates highly valued service offerings for its clients. The Company provides powerful data analytics to the real estate industry through its Real Property Tax Analytics software offering. To augment its technology based offerings, the Company provides real estate consulting services, with a focus on the Property Tax and Valuation sectors.
iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.
This news release contains certain forward-looking information within the meaning of applicable securities laws and regulations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Some of the specific forward‐looking information may include, among other things, the anticipated closing date of the Offering and the expected use of proceeds therefrom. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. While management considers the assumptions upon which such forward-looking statements are based to be reasonable and appropriate in light of the current information available to it, there is risk that such assumptions may not be correct or complete. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in the Company's most recent management's discussion and analysis for the year ended December 31, 2016 which can be found at www.sedar.com. All forward-looking information in this news release speaks as of the date of this news release. Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 iLOOKABOUT Corp.
For further information: Contact Information: Laurence Rose, CEO, Email: [email protected], Phone: 1-647-920-6383, www.ilookabout.com
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