OTTAWA, Nov. 2, 2017 /CNW/ - Intouch Insight Ltd. ("Intouch") (TSXV: INX) announces today a non-brokered private placement for gross proceeds of up to CDN $3,000,000 (the "Offering") by way of issuance of up to 6,000,000 Units at a price of CDN $0.50 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one Common Share at a price of CDN$0.70 per Common Share for a period expiring 18 months following the date of issuance of the Units.
In connection with the Offering, the Company will pay cash commissions to finders equal to 7.5% of the gross proceeds from the Offering and compensation units (the "Compensation Units") equal to 7.5% of the number of Units issued to investors introduced to the Company by a finder. The Compensation Units will be exercisable for 18 months from the date of issuance, for Common Shares and warrants, by the finder on the same terms as the Units under the Offering.
The securities issued pursuant to the Offering are subject to a four month and one day hold period from the date of issuance. Completion of the Offering is subject to regulatory approval, including acceptance and approval of the TSX Venture Exchange.
"The proceeds from the Offering will be allocated towards sales, marketing and product development efforts to support the Company's accelerated market entry of its customer experience management software" said Cameron Watt, President & Chief Executive Officer.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Intouch Insight Ltd.
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