NETRAMARK ANNOUNCES CLOSING OF PRIVATE PLACEMENT
TORONTO, March 24, 2023 /CNW/ - NetraMark Holdings Inc. (the "Company" or "NetraMark") (CSE: AIAI) (Frankfurt: 8TV) (OTC: AINMF), is pleased to announce that it has completed an initial closing of a non-brokered private placement in which it issued 1,981,867 units (the "Units") at a price of $0.37 per Unit for aggregate gross proceeds to NetraMark of $733,290. Each of the Units is comprised of one common share (each a "Common Share") and one-half common share purchase warrant (each a "Warrant"). Each Warrant entitles its holder to acquire one additional Common Share at a price of $0.65 for a period of 24 months from the closing date. NetraMark intends to use the net proceeds from the private placement towards working capital and general corporate purposes.
"The Company continues to ramp up efforts in support of the commercialization of the NetraMark AI based software. A portion of this capital will go directly to activities that accelerate the build out of our sales pipeline. Our technology is built and ready to assist companies in the Pharmaceutical industry address the challenges associated with navigating to a successful approval." said CEO George Achilleos.
"The additional capital from this raise allows us to enter the next phase in our customer acquisition strategy. We are excited to share the power of our NetraAI solutions to the broader market and continue the development of our partner ecosystem." said President Josh Spiegel.
In connection with the closing of the private placement, the Company paid finder's fee commissions in the aggregate amount of $47,639.61 and issued 128,754 broker Units (each, a "Broker Unit"). Each Broker Unit consisting of one Common Share (each a, "Broker Share") and one-half (1/2) of one common share purchase warrant (each whole warrant, a "Broker Warrant"). The Broker Warrants have identical terms as the Warrants above.
The securities issued by the Company in connection with this financing will be subject to a 4-month and a day "hold period" expiring July 25, 2023, as prescribed by applicable securities laws.
As a result of closing the private placement, there are 50,228,143 Common Shares of NetraMark issued and outstanding.
NetraMark is a company focused on being a leader in the development of Artificial Intelligence (AI) / Machine Learning (ML) solutions targeted at the Pharmaceutical industry. Its product offering uses a novel topology-based algorithm that has the ability to parse patient data sets into subsets of people that are strongly related according to several variables simultaneously. This allows NetraMark to use a variety of ML methods, depending on the character and size of the data, to transform the data into powerfully intelligent data that activates traditional AI / ML methods. The result is that NetraMark can work with much smaller datasets and accurately segment diseases into different types, as well as accurately classify patients for sensitivity to drugs and / or efficacy of treatment.
For further details on the Company please see the Company's publicly available documents filed on the System for Electronic Document Analysis and Retrieval (SEDAR).
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including use of proceeds which is based upon NetraMark's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. The forward-looking statements are expectations only and are subject to known and unknown, risks, uncertainties and other important factors that could cause actual results of the Company or industry results to differ materially from future results, performance or achievements. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, NetraMark does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. New factors emerge from time to time, and it is not possible for NetraMark to predict all such factors.
When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements as set out in the materials we file with applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com including our Management's Discussion and Analysis for the year ended September 30, 2022. These risk factors and other factors could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE NetraMark Holdings Inc.
Swapan Kakumanu - CFO | [email protected] | 403-681-2549
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