TORONTO, ON – January 19, 2021 -- EQ Inc.(TSX-V: EQ) (the “Corporation”) a leader in geospatial data and artificial intelligence-driven software, is pleased to announce that it has repaid in full the original principal amount of $1,716,654, and any accrued and unpaid interest on this amount, of non-convertible secured promissory notes issued on August 19, 2019 (the “Promissory Notes”) to certain arm’s length and non-arm’s length lenders. The Promissory Notes accrued interest at 12% per annum and matured 17 months from the date of issue. Upon repayment, the Corporation will have no remaining debt.
In connection with the Promissory Notes, the lenders received 2,574,981 non-transferable warrants (the “Bonus Warrants”), with each Bonus Warrant being exercisable for a period of 17 months from the date of issuance for one common share of the Corporation (a “Bonus Share”) at an exercise price of $0.66 per Bonus Share. At the time of repayment of the Promissory Notes, the lenders will have exercised all of the 2,574,981 Bonus Warrants, for total proceeds to the Corporation of $1,699,487. The Corporation used the proceeds from the Bonus Warrants as partial repayment for the amounts owed under the Promissory Notes.
About EQ Works
EQ Works (www.eqworks.com) enables businesses to understand, predict, and influence customer behaviour. Using unique data sets, advanced analytics, machine learning and artificial intelligence, EQ Works creates actionable intelligence for businesses to attract, retain, and grow the customers that matter most. The Company’sproprietary SaaS platform mines insights from movement and geospatial data, enabling businesses to close the loop between digital and real-world consumer actions.
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 may contain forward-looking statements that are based on management’s current expectations 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. The Corporation is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Peter Kanniah, Chief Financial Officer
1235 Bay Street, Suite 401 | Toronto, Ontario | M5R 3K4