- SuperBuzz (SPZ) has signed a non-binding letter of intent (LOI) with Jeffs’ Brands
- The companies intend to create software for Amazon’s advertisement platform and open a new line of service for marketing campaigns
- SuperBuzz has also announced a private placement for gross proceeds of up to C$500,000
- It will allocate the funds to working capital, with closing expected this week
- SuperBuzz is an artificial intelligence company specializing in marketing technology
- SuperBuzz (SPZ) opened unchanged, trading at $0.135 per share
SuperBuzz (SPZ) has signed a non-binding LOI with Jeffs’ Brands and announced a private placement.
Private placement
The private placement, valued at up to C$500,000, involves the issuance of up to 4,166,666 units priced at $0.12 each. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share for $0.12 for 24 months from the closing of the offering.
SuperBuzz will use the funds for general working capital purposes.
The offering is slated to close on or about the week of March 3, 2023.
All securities issued will be subject to a hold period of four months plus a day in accordance with applicable Canadian securities legislation.
LOI
Subject to definitive agreements, Jeffs’ Brands and SuperBuzz will create software for Amazon’s advertisement platform. The software will be based on SuperBuzz’s AI technologies and be designed specifically for Jeffs’ Brands stores and brands. The companies will also open a new line of service for marketing campaigns.
Jeffs’ Brands is an e-commerce company focused on creating and acquiring products and turning them into market leaders.
The collaboration is intended to improve targeting, maximize campaigns and increase exposure and sales.
Jeffs’ Brands will have the option to invest up to $2 million into SuperBuzz at a 15-per-cent discount to the 30-day average closing price of SuperBuzz shares. The option will expire 90 days after the execution of a definitive agreement.
SuperBuzz is an artificial intelligence company specializing in marketing technology. Its SaaS platform applies natural language processing to automate content creation and drive traffic.
SuperBuzz (SPZ) opened unchanged, trading at $0.135 per share.
