SpotLite360 IOT Solutions (CSE:LITE) Inc said it has closed a non-brokered private placement and issued 17,640,725 units of the company at a price of $0.10 per unit for gross proceeds of $1,764,072.50.
The company noted that it intends to use the net proceeds from the private placement for general working capital purposes and the contemplated acquisition of E3 Service Group LLC.
Each unit in the private placement consists of one common share and one-half of one transferable share purchase warrant. Each whole Warrant shall entitle the holder to purchase one additional Share at a price of $0.15 per share for a period of 36 months from the date of issuance.
All securities issued are subject to a statutory four-month and one-day hold period that expires on June 23, 2022.
READ: SpotLite360 announces private placement to raise up to $3M
In connection with the private placement, the company said it has paid cash finder's fees of $85,350 and it has issued 853,800 won the same terms as noted above to qualified parties.
None of the securities issued in connection with the Private Placement will be registered under the United States Securities Act of 1933, as amended, and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
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.
With a primary objective of onboarding new clients in 2021, SpotLite360 plans to explore innovative use cases for its proprietary stack of technologies that could transform logistics workflows in some of the world's largest industries.
Contact the author at jon.hopkins@proactiveinvestors.com