SpotLite360 IOT Solutions (CSE:LITE) said it has closed an offering of 5,000,000 units of the company at a price of C$0.10 each for gross proceeds of $500,000.
Each unit in the offering consisted of one common share and of 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.
The company said it intends to use the aggregate net proceeds to support its supply chain tracing, tracking and sustainability initiatives across its core industries. It will increase its sales pipeline development and marketing initiatives, expand its solution development to support new opportunities in its core industries and accelerate growth through the continued expansion of its partner network.
READ: SpotLite360 IOT Solutions announces offering of up to five million units for gross proceeds of up to $500,000
Finders’ fees of 120,000 common share purchase warrants on the same terms noted above were issued to qualified parties in connection with the offering.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and accordingly, may not be offered or sold within the US except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or under exemptions therefrom.
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, SpotLite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries.
As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the US Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. SpotLite360’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