|
LONDON, ON--(Marketwired - December 12, 2014) - iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or "the Company") announced today that it intends to complete a non-brokered private placement for a minimum of 3,333,334 Units and a maximum of 6,666,666 Units of the Company at a price of $0.30 per Unit, for gross proceeds of between $1,000,000 and $2,000,000 (the "Offering"). Each Unit will consist of one common share of the Company and one-half of 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 $0.60 for a period of 24 months from the date of issuance. Net proceeds will be used to pursue growth opportunities through the expansion of the Company's core geographic information systems ("GIS") business, acquisition of complementary businesses or assets, increased sales and marketing efforts, expansion of capital infrastructure and for general corporate and working capital purposes. Proceeds may also be used to repay some or all of the Company's long-term debt and/or redeem some or all off the outstanding Series 1 Preference Shares. The private placement is expected to close on or around December 17, 2014 and is subject to acceptance by the TSX Venture Exchange. |
