TraceSafe Inc. (CSE:TSF) has announced a non-brokered private placement of up to 3,333,333 units of the company at a price of 15 cents each for aggregate gross proceeds of up to $500,000, subject to the conditional acceptance of the Canadian Securities Exchange.
The company said the financing will help drive its new direction towards decarbonization following the launch of its comprehensive carbon management solution, ShiftCarbon. Proceeds from the transaction will be used for general working capital and support product development and customer acquisition for ShiftCarbon.
"We have made significant progress on our growth plans that include the new decarbonization and net-zero focus in the last six months. With this financing, we will strengthen customer outreach for our carbon platform and geographic expansion of our IoT solutions in the Middle East," Wayne Lloyd, TraceSafe CEO said in a statement.
READ: TraceSafe launches carbon management platform ShiftCarbon
Each unit in the private placement will consist of one common share and one whole non-transferable common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of C$0.30 per warrant share for a period of twenty-four months from closing of the offering.
In connection with the offering, the company may pay finders' fees on a portion of the offering in accordance with applicable securities laws and the policies of the exchange.
All securities issued under the offering will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities laws.
TraceSafe provides Internet of Things (IoT) solutions transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and award-winning analytics platform.
The company's hardware solutions, powered by advanced low-power bluetooth beacons, work together with its proprietary software to provide mission-critical data enabling safer, efficient and sustainable enterprise environments. With presence across North America, Asia and Europe, TraceSafe's solutions are trusted by leading organizations in healthcare, hospitality, construction, events, education and government.
Recently, the company announced a strategic focus towards 'managed decarbonization' to help companies take credible climate action using high-quality offsets. To this end, TraceSafe acquired an offset marketplace and launched its full suite of carbon management solutions.
Contact the author at jon.hopkins@proactiveinvestors.com