SpotLite360 IOT Solutions (CSE:LITE) Inc told investors it plans to raise gross proceeds of as much as $3 million through a non-brokered private placement of up to 30 million units at $0.10 each.
The company said each unit will consist of a common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to buy an additional share for $0.15 for 36 months from the date of issuance.
Spolite said it intends to use the net proceeds from the placement for general working capital purposes and the contemplated acquisition of E3 Service Group, which it announced in November 2021.
READ: SpotLite360 IOT Solutions inks letter of intent to buy majority stake in E3 Services
The company noted that finder’s fees may be paid to qualified parties in connection with the placement.
SpotLite360 IOT Solutions (CSE:LITE), formerly Spotlite360 Technologies, is a Software as a Service (SaaS) based, enterprise software company leveraging Internet of Things (IoT) technologies, blockchain, and machine learning to deliver supply chain solutions, which result in improved tracing, tracking, visibility, efficiency, collaboration and proof of sustainability claims for customers within pharmaceutical, healthcare & agriculture.
The Vancouver and Denver-based developer’s 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.
Contact the author at stephen.gunnion@proactiveinvestors.com