Eyecarrot Closes Private Placement

May 11, 2016

Toronto, Ontario — Eyecarrot Innovations Corp TSX-V: EYC (“The Company”) is pleased that the previously announced (see May 5th Press Release) $1,600,000 fully subscribed non brokered private placement has now been closed. The Company issued a total of 4,037,500 common shares at $0.40 per share, for total gross proceeds of $1,615,000.

The proceeds from the Private Placement will be used for the furtherance of the Company’s business plan. The Company thanks those that participated in the Private Placement.

All securities issued in connection with the Private Placement are subject to a four month hold period expiring on September 11, 2016. Further restrictions may apply to certain subscribers under foreign securities laws.

Insiders participated in the Private Placement acquiring an aggregate of 625,000 shares 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 transaction insofar as the transaction involved interested parties did not exceed 25% of the Company’s market capitalization.

A material change report in connection with the Private Placement will be filed less than 21 days before the closing of the Private Placement. This shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Private Placement in a timely manner.

Recent posts