SpotLite360 IOT Solutions Inc (CSE:LITE) has announced an offering of up to five million units of the company at a price of 10 cents per offer unit for gross proceeds of no less than $350,000 and up to $500,000.
The company said it intends to use the aggregate net proceeds of the offering for the acquisition of environmental control hardware and the implementation services related to realizing the existing backlog of business.
Each offer unit consists of one common share and one common share purchase warrant, each whole common share purchase warrant being exercisable to purchase an additional common share for a period of two years from closing at a price of C$0.12.
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The offering is expected to close on or about January 19, 2023.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions, the units will be offered for sale to purchasers resident in Canada (except Quebec) and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106.
Because the offering is being completed under the Listed Issuer Financing Exemption, the securities issued in the offering will not be subject to a hold period under applicable Canadian securities laws.
Board and management changes
Spotlite360 IOT Solutions also announced that Joel Dumaresq and Alexander Somjen have resigned from the board of directors, effective January 6, 2023, and Shawn Phillips has resigned as its senior vice president of Operations, effective December 21, 2022. The company thanked Dumaresq, Somjen and Phillips for their contributions and wished them well with their future endeavors.
Following the resignations, Glen McConnell and Dr Eddie Shek have been appointed to the company's board of directors, effective immediately.
McConnell has served as the company's chief financial officer and corporate secretary since June 2021. He has 30 years of experience assisting companies in the manufacturing, software, service, cable, medical and dental products sectors in raising investment capital; reviewing and implementing policies to increase efficiencies in accounting systems and performing due diligence.
Dr Shek is a technology advisor and executive coach helping technology companies build software products effectively and efficiently. He has over 30 years of experience leading full-cycle software product development, large-scale Software-as-a-Service (SaaS) solution deployment, technology infrastructure management, corporate IT operations, customer support, and professional service delivery in fast-growth and dynamic environments.
SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, the company endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
The company's flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, SpotLite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world's largest industries.
Contact the author at jon.hopkins@proactiveinvestors.com