iLOOKABOUT provides update to Non-Brokered Private Placement
September 10 2020 - 8:00AM
iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”)
announced its intention for a non-brokered private placement (the
“Offering”) in a news release dated August 28th, 2020 in connection
with the signing of a non-binding term sheet with Starcap
Marketing, LLC (d.b.a. Apex Software) (“Apex”), for the acquisition
by ILA of Apex assets (the “Proposed Transaction”).
Due to significant demand and interest by
investors after the announcement of the Offering, the Company has
increased the Offering to approximately 53,333,333 units of the
Company (the “Units”) at a price of $0.15 per Unit for aggregate
gross proceeds of up to $8,000,000. Each Unit shall still be
comprised of one common share of the Company and one-half common
share purchase warrant (the “Warrants”). Each full Warrant shall
entitle the holder thereof to acquire one common share of the
Company at a price of $0.25 for a period of 12 months following the
closing of the Offering. The net proceeds of the Offering shall be
used by the Company to fund the cash consideration and other
related costs with respect to the Proposed Transaction. The
Offering is expected to close on or about September 15, 2020 and
remains subject to the approval of the TSX Venture Exchange.
About ILA
ILA is a transformational data analytics
organization that provides transparency to the valuation of real
estate assets. ILA is a real estate valuation platform with
technologies that leverage the power of data designed to address
today's dynamic real estate valuation market. Our proprietary
innovative platform provides software and data licenses and
technology managed services to the real estate industry, serving
primarily the property lending and property tax sectors, both
public and private, in the United States (“US”) and Canada.
Accurate data and property valuations form the basis for our
clients to value assets, fund loans, securitize portfolios and to
analyze and update property tax assessments. As a fully integrated
valuation technology company, we are setting new standards in real
estate valuation quality and reliability. ILA is a brand built on
innovation, execution, accuracy, industry expertise and
forward-looking products and services.
About ApexApex provides real
property sketching solutions leveraging its industry leading
proprietary software, database and professional services, which
includes developing real estate sketching and modeling software,
providing real estate sketch aggregation, sketch conversion, sketch
verification, sketch modification, sketch analysis and software
maintenance services on a global basis to the property assessment,
appraisal and insurance industries within the United States.
Cautionary NoteAs noted above,
completion of the Proposed Transaction is subject to a number of
conditions, including but not limited to, any necessary stock
exchange acceptance, board of directors approval and the Offering.
The Proposed Transaction cannot close until the required approvals
are obtained. There can be no assurance that the Proposed
Transaction will be completed as proposed or at all. Investors are
cautioned that any information released or received with respect to
the Proposed Transaction may not be accurate or complete and should
not be relied upon.
The TSX Venture Exchange has in no way passed
upon the merits of the Proposed Transaction and has neither
approved nor disapproved the contents of this press release.
Neither 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.
Forward Looking Information:
This news release contains forward-looking
statements that involve known and unknown risks, uncertainties and
assumptions that may not be realized. These statements relate to
future events or future performance and reflect management’s
current expectations and assumptions which are based on information
currently available to management. There is significant risk that
forward-looking statements will not prove to be accurate. A number
of factors could cause actual results, performance or achievements,
or other future events, to be materially different from any future
results, performance or achievements discussed in the
forward-looking statements. The inclusion of forward-looking
statements and information should not be regarded as a
representation of ILA or any other person that the anticipated
results will be achieved and investors are cautioned not to place
undue reliance on such information.
These forward-looking statements are made as of
the date of this news release and, accordingly, are subject to
change after such date. ILA does not assume any obligation to
update or revise this information to reflect new events or
circumstances except as required in accordance with applicable
laws.
ILA’s common shares are traded on the TSX
Venture Exchange under the symbol ILA and in the US on the OTCQB
under the symbol ILATF.
Contact:
Gary Yeoman, CEO
gary.yeoman@ilookabout.com
416-347-7707
www.ilookabout.com
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