LONDON, ON--(Marketwired - September 19, 2016) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") announced today that it intends to complete a non-brokered private placement for 1,000,000 Units of the Company to its new Chief Executive Officer, Laurence Rose, at a price of $0.21 per Unit, for gross proceeds of $210,000 (the "Offering"). Each Unit will consist of one common share of the Company and one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.40 for a period of five years from the date of issuance. The private placement is expected to close on or before October 12, 2016, and may include purchases by Mr. Rose's permitted assigns as permitted by applicable securities laws.
The Offering remains subject to the TSX Venture Exchange's approval. The proceeds of the Offering will be used to help fund the Company's working capital requirements.
In addition, in accordance with the terms of his employment agreement, Mr. Rose has been granted options to purchase up to 1,000,000 common shares of the Company for an exercise price of $0.30, which options have a term of five years. These options were issued in accordance with, and are subject to, the Company's stock option plan and standard form of stock option agreement.
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 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.