Marble Financial Inc, an artificial intelligence-driven financial technology company, announced that it plans to conduct a non-brokered private placement of up to 28.57 million units of the company at a price of $0.07 per unit for aggregate gross proceeds of up to $2 million.
The Vancouver-based software-as-a-service (SaaS) solutions provider that empowers businesses to acquire and monitor consumers using data-driven technology, said any net cash proceeds it gets from the offering will be used for “general working capital and corporate purposes.”
Meanwhile, each unit will be made up of one share and one-half share purchase warrant, with each full warrant entitling the holder to one common share at a price of $0.11 per share for a period of 24 months from the closing date.
The units, including the underlying securities, will be subject to a hold period of four months plus one day following the closing of the proposed offering, said the company.
The offering will be closed in multiple tranches. Marble said it has received commitments for a first tranche closing of an aggregate of 19,59 million units at a price of $0.07 per unit for an aggregate subscription amount of $1.37 million.
Marble may pay certain finder's fees and in connection with the first tranche, an aggregate of $542,167 will be settled through the exchange of currently outstanding convertible debentures, plus interest, of which $325,300 is held by insiders.
In total, insiders of the company will subscribe for $760,321 (10,86 million units), representing nearly 55% of the total number of units issued under the first tranche.
Marble leverages machine learning and open-banking strategies to put the power of financial data into the hands of businesses and consumers.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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