Logiq Inc announced the partial exercise of an overallotment option as part of its C$5.9 million initial public offering.
Logic raised C$5,929,302 through the issuance of nearly 2 million units priced at C$3 per unit. Under the overallotment option, the company issued an additional 201,700 units for additional proceeds of C$605,100, bringing the total gross proceeds to C$6,534,402.
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Each unit in the offering consisted of one share and one warrant exercisable at C$3.50 for a 36-month period. Research Capital Corporation acted as the sole agent and bookrunner for the offering.
In a statement, Logiq said that the net proceeds will be used to develop additional data analytics tools, sales generation and marketing and working capital.
The New York-based company is a worldwide provider of e-commerce and fintech solutions for businesses, including its artificial intelligence-powered LogiqX data engine that enhances the ROI of online marketing spend.
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