Eyecarrot Announces Closing of Financing

June 9, 2020

Toronto, New York – Eyecarrot Innovations Corp. [TSX-V:EYC | QTCQB:EYCCF | 2EYA:GR] is pleased to announce the closing of the previously announced non-brokered private placement for total proceeds of C$1 million. The Company issued a total of 7,843,137 units at C$0.1275 per unit, each unit comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share (each, a “Warrant Share”) at an exercise price of C$0.25 per Warrant Share at any time until June 8, 2022. The warrants are subject to an acceleration clause whereby if the common share price is equal to or greater than C$0.50 for a period of 5 consecutive trading days (at any time at or following the expiry of the four months resale restriction period), the Company may, by notice to the warrant holder reduce the remaining exercise period applicable to the warrants to not less than 30 days from the date of such notice.

Insiders participated in the private placement acquiring an aggregate of 1,435,300 units on the same basis as other subscribers. The participation in the private placement by insiders of the Company constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the private placement in so far as the private placement involved interested parties did not exceed 25% of the Company’s market capitalization.

The securities issued in connection with the private placement are subject to a four-month hold period expiring on October 10, 2020.

The proceeds of the private placement will be used for working capital purposes and further development of the Company’s product and service offerings.

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