TORONTO, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (DM.V) (D4G.F) is pleased to announce a non-brokered private placement of up to 5,714,286 units (each a “Unit”) at a price of $0.35 per Unit, for gross proceeds of up to $2,000,000 (the “Offering”). The Company has the option to increase the size of the Offering at any time up to 48 hours before the closing of the Offering.
Each Unit consists of one common share in the capital of the Company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.55 for a period of 18 months after closing of the Offering (the “Warrant Expiry Date”). In the event that the volume-weighted average trading price of the common shares on the TSX Venture Exchange equals or exceeds $0.65 per common share for any period of 15 consecutive trading days, the Company may, at its option, within 10 business days following such 15-day period, accelerate the Warrant Expiry Date by issuing a press release (a “Warrant Acceleration Press Release”), and, in such case, the Warrant Expiry Date shall be deemed to be 5:00 p.m. (Toronto time) on the 30th day following the issuance of the Warrant Acceleration Press Release.
The Units are being issued in connection with the previously announced acquisition of Ronin Blockchain Corp. pursuant to a binding letter of intent dated December 14, 2017, which will be superseded by a definitive purchase agreement to be entered into on or about January 9, 2018 (the “Purchase Agreement”).
Upon satisfaction of certain conditions in the Purchase Agreement (the “Release Conditions”), the closing of the Offering will occur. The Company expects the Release Conditions to be satisfied on or about January 12, 2018.
The Company may, as compensation to individuals that introduce subscribers to the Company (a “Finder”), and subject to regulatory approval: (i) pay cash commissions; and (ii) issue non-transferable common share purchase warrants (with identical terms as those warrants issued under the Offering) equal to 8% of the aggregate gross proceeds (the “Finder’s Fee”) of a subscription made by a subscriber who is introduced to the Company by such Finder upon satisfaction of the Release Conditions.
“I am pleased that Ronin’s management team, advisors and key strategic partners asked to participate in a financing of Datametrex. The current financing at $0.35 is a $0.10 premium to the share price Ronin receives for the acquisition. This demonstrates the conviction of the team and desire to further position themselves for the upside.” says Andrew Ryu, Chairman and CEO of the Company
The Offering is subject to certain conditions, including (but not limited to) the receipt of approval from the TSX Venture Exchange. The securities issued in connection with this private placement will be subject to a four-month hold period.
About the Company
Datametrex AI Limited is focused on the collection of retail sales data, providing Government Agencies and Fortune 500 corporations with Artificial Intelligence solutions and implementing Blockchain technology for secure Data Transfers and Cryptocurrency Mining.
Additional information on Datametrex is available at: www.datametrex.com.
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For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
Neither the 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.
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company`s belief regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control.
Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information contained herein includes, but is not limited to, statements regarding the terms, timing and completion of the proposed private placement and the anticipated use of proceeds. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on any forward-looking information or statements contained in this press release.
The forward-looking information contained in this press release is made as of the date hereof, and the Company does not undertake to update any forward-looking information that is contained or referenced herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. All subsequent written and oral forward looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in its entirety by this notice.