TORONTO, Oct. 8, 2020 /CNW/ - Predictiv AI Inc.
(TSXV: PAI) (OTC: INOTF) (FRANKFURT: 71T) ("Predictiv AI" or
the "Company"), www.predictiv.ai, a software and solutions
provider in the artificial intelligence and industrial IoT markets,
is pleased to announce that it has completed a non-brokered private
placement of 8,336,439 common shares at a price of $0.18 per common share for gross proceeds of
C$1,500,559 (the "Offering").
The proceeds of the Offering will be allocated to all aspects of
the production planning, manufacturing and go to market phase for
the ThermalPass™ fever detection system. Additionally, proceeds
will be dedicated to AI Labs product development initiatives and
general working capital purposes.
The Company paid commissions to eligible finders under the
Offering totaling $97,687 and 542,704
finders warrants, with each finder warrant exercisable into a
common share at an exercise price of $0.18 per share for 2 years. All securities
issued or issuable under the Offering are subject to a four-month
hold period expiring on February 8,
2021.
Related Party Transaction
In connection with the Offering, certain directors and officers
of the Company (the "Insiders") acquired 166,666 common shares. The
participation of Insiders in the Offering constitutes a "related
party transaction", as such terms are defined by Multilateral
Instrument 61-101 - Protection of Minority Security Holders
in Special Transactions ("MI 61-101"). The Company is
relying on an exemption from the formal valuation requirements of
MI 61-101 available on the basis of the securities of the Company
not being listed on specified markets, including the Toronto Stock
Exchange, the New York Stock Exchange, the American Stock Exchange,
the NASDAQ or certain overseas stock exchanges. The Company is also
relying on the exemption from minority shareholder approval
requirements under MI 61-101 as the fair market value of the
participation in the Offering by the Insiders does not exceed 25%
of the market capitalization of the Company.
For more information on Predictiv AI, visit: www.predictiv.ai
and follow Predictive AI on:
Facebook:
https://www.facebook.com/PredictivAI/
Twitter:
https://twitter.com/predictivai
LinkedIn:
https://www.linkedin.com/company/predictivai/
About Predictiv AI:
Predictiv AI Inc.
www.predictiv.ai is a technology company which helps businesses and
organizations make smarter decisions using advanced artificial
intelligence, deep machine learning and data science techniques.
Its Weather Telematics Inc. subsidiary uses patented air quality
monitoring sensors to provide predictive weather risk information
to the insurance, logistics, fleet management and public safety
sectors. The Company's R&D division, AI Labs Inc., develops new
products that solve real-world business problems. The joint venture
with Commersive Solutions Corp. is developing innovative
technologies for use in various public spaces, starting with the
ThermalPass™ fever detection system.
Cautionary and Forward-Looking Statements:
Statements contained in this news release, which are not
historical facts, are forward-looking statements that involve risk,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. All forward-looking statements included in this news
release are based on information available to the Company on the
date hereof. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results of the Company to differ materially from the
conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include,
but are not limited to, ThermalPass achieving the commercial
results anticipated by the Company, market demand for ThermalPass
and other factors referenced in the Company's other continuous
disclosure filings, which are available at sedar.com. Readers
should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, except as required by applicable
securities laws.
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 PRESS RELEASE.
SOURCE Predictiv AI Inc.
