VANCOUVER, BC / ACCESSWIRE / April 30, 2020 - LOOP Insights Inc. (MTRX.V) ("Loop" or the "Company") is very pleased to announce that it has closed its oversubscribed non-brokered private placement of 21,130,010 units ("Units") at a price of $0.10 per Unit for aggregate gross proceeds of $2,113,001 Each Unit is comprised of one (1) Loop Common Share and one warrant ("Warrant"), with each Warrant entitling the holder thereof to acquire one (1) Loop Common Share at a price of $0.15 per share for a period of two (2) years from the date of Closing, subject to acceleration.
The proceeds of the Offering will be used for general working capital and general corporate expenditure purposes. In connection with the completion of the Offering, the Company paid finder's fees of $90,680 and issued an aggregate of 906,800 finder's warrants ("Finder's Warrant") to certain parties who assisted the Company by introducing subscribers to the Offering. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $0.15 for a period of (2) years. All the securities issued will be subject to a four-month hold period.
LOOP Insights Inc. (MTRX.V) is a Vancouver-based technology company that has developed a unique automated AI marketing platform intended to level the playing field for brick and mortar retailers in their battle with online digital competition. LOOP gives brands and retailers the capability to inter-connect their physical and digital ecosystems by using the device that can be plugged into any point of sale environment, independent of hardware or IT networks, thus enabling rapid deployment and global scale. Retailers and brands benefit from making real-time, data-driven decisions that help them curate unique personalized customer experiences in stores, a capability which previously did not exist.
For more information, please contact:
Loop Insights Inc.
Rob Anson, CEO
CHF Capital Markets
Cathy Hume, CEO
T: 416-868-1079 x 231
Forward Looking Statements/Information:
This news release contains certain statements which constitute forward looking statements or information, including statements regarding Loop's business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop's technology; and the viability of Loop's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
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.
SOURCE: LOOP Insights Inc.
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