LONDON, ONTARIO--(Marketwired - Oct. 24, 2016) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") today announced that, further to the Company's news release issued on September 19, 2016, it closed its non-brokered private placement (the "Private Placement") of 1,000,000 Units, subject to the TSX Venture Exchange's final approval. The Company received conditional acceptance of the Private Placement Offering from the Exchange on October 17, 2016.
Each Unit consists of one common share of the Company and one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company for a period of five years from the date of issuance at an exercise price of $0.40.
The subscription price of each Unit was $0.21, for aggregate gross proceeds of $210,000. Net proceeds will be used to help fund the Company's working capital requirements.
All of the Units were subscribed for by Mr. Laurence Rose and his spouse. Mr. Rose became the Chief Executive Officer of iLOOKABOUT Corp. on September 12, 2016, and this purchase is in line with the Board of Director's desire to align Management's interests with those of the Company's shareholders. As a result of the subscriptions, Mr. Rose now controls, either directly or indirectly, 1.63% of the Common Shares of the Company on a non-diluted basis.
Neither the Company, nor to its knowledge any related party, has knowledge of any material information concerning iLOOKABOUT or its securities that has not been generally disclosed.
All amounts referenced herein are in Canadian dollars.
The Company also confirmed that its Board of Directors has formally authorized an increase to the number of directors of iLOOKABOUT Corp. from seven (7) to eight (8), and has appointed Mr. Rose as a director. This appointment was contemplated when Mr. Rose accepted the position of Chief Executive Officer of the Company, as previously announced in the Company's news release of September 13, 2016.
iLOOKABOUT is a data analytics and visual intelligence company focused on real property, serving primarily the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, in North America. iLOOKABOUT's origins are with its StreetScape imagery and web-based geographic information system ("GIS") application, GeoViewPort™, which unifies property related data and enables desktop review of properties. iLOOKABOUT has integrated powerful data analytics and workflow management applications into GeoViewPort to create service offerings uniquely customized for its clients. These offerings include Real Property Tax Analytics ("RPTA") and Realty Tax Management ("RTM"). To augment the Company's technology based offerings, real estate consulting services are also now provided, with a focus on the Property Tax and Valuation sectors.
Headquartered in London, Ontario, Canada, iLOOKABOUT's common shares are traded on the TSX Venture Exchange under the symbol ILA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.