TORONTO, ON (December 17, 2019) - EQ Inc. (TSXV: EQ) (“EQ Works” or the “Company”), a leader in delivering location behavioural data and intelligence, is pleased to announce that due to increased demand for its previously announced non-brokered private placement, press released on December 10, 2019, the Company has increased the size of the private placement (the “Private Placement”), resulting in aggregate gross proceeds of $5 million. On December 17, 2019, the Company completed a second and final tranche of 564,836 units (“Units”) at a price of $0.75 per Unit for aggregate gross proceeds of $423,627.
In total, the Private Placement consisted of 6,666,666 Units, with each Unit being comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant is exercisable at a price of $1.00 per Common Share, for a period of 24 months following the closing of the Private Placement. The expiry date of the Warrants may be accelerated by the Company at any time if the closing price of the Common Shares on the facilities of the TSX Venture Exchange (the “TSX-V”) is greater than $1.25 for any 10 consecutive trading days following the date that is four months and one day after the closing of the Private Placement.
The proceeds of the Private Placement are expected to enable the Company to continue building its data platform, developing its data science practice and further expanding into the U.S.
In connection with the Private Placement, the Company paid aggregate finders fees of $26,170 in cash and issued 34,893 finder warrants on the same terms as the Warrants.
Pursuant to applicable securities laws, the securities issued under the Private Placement are subject to a hold period for four months and one day from the closing of the Private Placement, expiring April 18, 2020. The Private Placement remains subject to the final acceptance of the TSX-V.
About EQ Works
EQ Works (www.eqworks.com) provides a smarter way to target customers. Using first-party, location-based behaviour signals, advanced data analytics, and proprietary software, EQ Works creates and targets customized, performance-boosting audience segments. Proprietary algorithms and data generate attribution models that connect consumer behavior in the physical world to consumer behavior in the digital world, solving complex challenges for brands and agencies.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements, which may include, without limitation, statements with respect to the use of proceeds from the Private Placement, the Company’s ability to continue building its data platform and to develop data science practices, and the Company’s expansion into the United States. The forward-looking statements are based on management’s current expectations and/or assumptions, and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the demand for EQ Works’ products and services; a history of net losses; restructuring; intellectual property actions; credit risk from trade credit; changing nature of internet and mobile advertising; failure of real-time advertising exchanges to attract publishers; government regulation of the internet; system failures; competition from new customers and products; rapid technological change; lengthy sales cycles hindering adoption of EQ Works’ solutions; third-party claims related to content in advertising delivered by EQ Works; as well as those factors disclosed in the Company's publicly filed documents. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company undertakes no obligation to update any forward-looking statements (unless required by law) contained herein should material facts change due to new information, future events or otherwise.
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Contact: Peter Kanniah, Chief Financial Officer
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