Minerva Intelligence Announces Appointment of Jason Petralia, formerly of Skillz Inc., as Advisor; Private Placement of 1,200,000 units
VANCOUVER, BC, Feb. 17, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company") announced today the appointment of Jason Petralia, tech entrepreneur, as Advisor to the Company. Jason will spearhead a new initiative aimed at leveraging the cognitive AI-powered reasoning tools Minerva is known for.
Minerva CEO Scott Tillman is thrilled to have Mr. Petralia on the team. "I've known Jason a long time and am grateful for the opportunity to team up once again. Jason has the perfect combination of exceptional talent and a vast array of relevant experiences in driving product and technology initiatives forward that will greatly benefit Minerva."
Jason is a technology innovation pioneer, investor, and advisor, having led product initiatives in a number of spaces including commerce, healthcare, fitness, games, Esports, education, usability, analytics and data capture, productivity, entertainment and more, ranging from Fortune 500 companies to emerging start-ups. Recently Jason was SVP of Content at Skillz, Inc.
Minerva will be tapping Jason's skills in building out its multidisciplinary initiatives related to its unique instance-matching capabilities that allow for dynamic preference weighting. "I'm excited to join Minerva as an advisor," said Jason Petralia. "Minerva's cognitive AI technology is uniquely positioned to evolve and ultimately revolutionize how people interact with data in the online retail space, real estate and many other verticals in need of more intuitive and useful value. I look forward to bringing the benefits of Minerva's tech to many other fields."
In the coming months, Minerva will disclose additional information related to this initiative and expects to launch a demonstration product in Q2.
Additionally, Minerva announces, Jason, along with certain management, employees and advisors of the Company will participate in a non-brokered private placement of 1,200,000 units (each, a "Unit") at a price of C$0.15 per Unit, for gross proceeds of C$180,000 (the "Offering"). Each Unit comprises one common share of the Company and one common share purchase warrant of the Company. Each warrant is exercisable at a price of C$0.20 per share for a period of 24 months from the closing date of the Offering.
Proceeds from the Offering will be used for general working capital purposes. Once closed, the securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities legislation. The Offering is subject to TSX Venture Exchange final approval.
As approved at the Company AGM meeting, staff options were repriced. Additionally, Jake McGregor, COO, had 50,000 options granted before his promotion to senior management repriced on the same terms as employees with new strike prices for out-of-the-money options of $0.20 & $0.30.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, BC, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture (symbol MVAI).
For further details, please refer to their website www.minervaintelligence.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the 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 press release.
SOURCE Minerva Intelligence Inc.
Dan Vroon, Business Development Manager, +1 (604) 620-1051, [email protected]; Virtus Advisory Group, Investor Relations, +1 (416) 644-5081, [email protected]
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