- SpotLite360 (LITE) has closed a non-brokered private placement for gross proceeds of $1,764,072.50
- The company issued 17,640,725 units priced at $0.10 per unit
- Net proceeds will be used for general working capital purposes and the contemplated acquisition of E3 Service Group, LLC
- SpotLite360 IOT Solutions is a SaaS-based enterprise software company leveraging IoT, blockchain and machine learning
- SpotLite360 (LITE) opened trading at C$0.17 per share
SpotLite360 (LITE) has closed its previously announced non-brokered private placement for gross proceeds of $1,764,072.50.
The company issued 17,640,725 units priced at $0.10 per unit. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant can be exercised to purchase one additional share at a price of $0.15 for a period of 36 months from the date of issuance.
SpotLite360 paid cash finder’s fees of $85,350 and issued 853,800 warrants to qualified parties.
Net proceeds will be used for general working capital purposes and the contemplated acquisition of E3 Service Group, LLC.
All securities issued are subject to a statutory four-month and one-day hold period that expires on June 23, 2022.
E3 Service Group develops, designs and builds cannabis cultivation facilities across nine U.S. states.
SpotLite360 believes the acquisition could unlock revenue opportunities, as well as enhance the reach of its supply chain visibility solution utilizing IoT and blockchain technologies.
SpotLite360 IOT Solutions is a SaaS-based enterprise software company leveraging IoT, blockchain and machine learning.
SpotLite360 (LITE) opened trading at C$0.17 per share.