- Software company, iLOOKABOUT (ILA) has closed its non-brokered private placement after raising almost C$8 million in gross proceeds
- In the placement’s first tranche, the company issued over 46 million units at $0.15 each, raising approximately $6.9 million
- Through the second tranche, iLOOKABOUT issued over four million units at $0.23 each, raising approximately $980,000
- Private placement proceeds will fund the acquisition of Starcap Marketing assets, strategic initiatives, and general corporate working capital purposes
- iLOOKABOUT (ILA) is up 5.45 per cent and is currently trading at 29 cents per share
Software company, iLOOKABOUT (ILA) has closed its non-brokered private placement after raising almost C$8 million in gross proceeds.
The company conducted the private placement in two tranches, with most of the funds being raised in the first. In the first tranche, iLOOKABOUT relied on the “part and parcel exception” with regards to pricing.
Through Tranche A, the company issued 46,648,200 units at $0.15 each, for gross proceeds of $6,997,230. Each A-Unit contained one common share in iLOOKABOUT, and one half of a common share purchase warrant.
One full A-Warrant allows the holder to purchase one common share in the company for $0.25, within 12 months of the private placement’s closing date.
iLOOKABOUT’s second tranche did not rely on the “part and parcel exception” with respect to pricing. Through Tranche B, the company issued 4,262,760 units at $0.23 each, raising $980,434 in gross proceeds.
Each B-Unit contained one common share in iLOOKABOUT and one whole common share purchase warrant. One full B-Warrant allows the holder to purchase one common share in the company for $0.30, within 12 months of the private placement’s closing.
Combined, the two tranches of the private placement produced gross proceeds of approximately $7,977,664. The proceeds from the first tranche, which represent the vast majority, will fund the cash consideration needed to acquire assets of Starcap Marketing, otherwise known as Apex Software.
Proceeds from the second tranche will fund strategic initiatives, and go towards general corporate and working capital purposes.
iLOOKABOUT (ILA) is up 5.45 per cent and is trading at 29 cents per share at 2:04pm EDT.
