ShiftCarbon, formerly TraceSafe Inc. (CSE:TSF), said it has completed the second and final tranche of its oversubscribed non-brokered private placement of units for gross proceeds of $190,000 through the sale of 1,900,000 units at a price of $0.10 per unit, with the aggregate gross proceeds raised under the placement totalling $656,000.
On October 5, 2022, ShiftCarbon announced its proposed private placement for an aggregate of up to $650,000 through the sale of up to 6,500,000 units.
The net proceeds from the offering are intended to be used primarily for costs related to the development and creation of new technologies and ShiftCarbon projects and for working capital and general corporate purposes.
READ: TraceSafe announces corporate name change to ShiftCarbon; effective date to be announced in the near future
Each unit in the offering is comprised of one common share of ShiftCarbon and one warrant to purchase a common share. Each warrant is exercisable into a common share at a price of $0.25 per share for a period of 24 months from the date of issuance.
Under the private placement, ShiftCarbon said it paid to eligible finders a $18,300 finders fee in cash and 183,000 transferable warrants based on the number of units sold to investors introduced by the applicable finder. Each finder warrant is exercisable into one common share at a price of $0.10 for a period of 24 months from the date of issuance.
All securities issued under the placement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws.
The securities being offered under the private placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, US persons absent US federal and state registration or an applicable exemption from the US registration requirements.
ShiftCarbon provides an intuitive platform for carbon accounting, offsetting and MRV (Measurement, Reporting and Verification) automation of carbon offsets using modular software and IoT sensor technology. For enterprises, ShiftCarbon offers a measure and offset platform to embed carbon neutrality into businesses easily and efficiently.
The company also operates TraceSafe, a leading connected technology solution using Internet of Things (IoT) and proximity technology. The solution provides mission-critical data enabling safer and smarter enterprise environments. With presence across North America, Asia and Europe, TraceSafe is trusted by leading organizations in healthcare, hospitality, construction, events, education and government.
Contact the author at jon.hopkins@proactiveinvestors.com