SpotLite360 Closes Private Placement

Blog Articles, SpotLite360 News | September 28, 2022

DENVER and VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce it has closed a non-brokered private placement (the “Private Placement”) and issued 3,500,000 units (“Units”) of the Company at a price of $0.10 per Unit for gross proceeds of $350,000. Each Unit consists of one common share (each a “Share”) and one-half of one transferable Share purchase warrant (with two half warrants being a “Warrant”). Each whole Warrant shall entitle the holder thereof to purchase one additional Share at a price of $0.20 per Share for a period of twenty-four (24) months from the date of issuance.

In connection with the Private Placement, the Company has paid cash finder’s fees of CAD$10,500 and it has issued 105,000 Warrants on the same terms as noted above to qualified parties.

The Company intends to use the net proceeds from the Private Placement to support growth opportunities, customer installations and general working capital requirements.

All securities issued are subject to a statutory four month and one day hold period that expires on January 24, 2023.

None of the securities issued in connection with the Private Placement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

View All
Privacy Policy Terms and Conditions © 2023 SpotLite360, Inc. All Rights Reserved.