Internet of Things Announces Increase to Non-Brokered Private Placement for Up to $2.3 MillionPosted in 2017, News
TORONTO, Jan. 19, 2018 (GLOBE NEWSWIRE) — Internet of Things Inc. (TSX-V:ITT) (OTC:INOTF) (FRANKFURT:71T) (“ITT” or the “Company”) a software and solutions provider to the Internet of Things (the “IoT”) market, announces that further to the Company’s press release of December 28, 2017, it is increasing the size of the non-brokered private placement to up to 23,000,000 equity units of the Company (“Equity Units“) at a price of $0.10 per Equity Unit for gross proceeds of up to $2,300,000 (the “Private Placement“).
Each Equity Unit will be comprised of one (1) common share of the Company and one-half of one (1/2) common share purchase warrant of the Company (a “Warrant“). Each whole Warrant will entitle the holder to acquire one (1) common share of the Company for a period of 24 months from the date of issuance of the Warrant, at an exercise price of $0.18 per share.
Closing of the Private Placement is expected to occur by the end of January 2018. The Company intends to use the proceeds from the Private Placement for working capital purposes.
The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement of up to 8% cash, common shares of the Company equal to 4% of the number of Equity Units sold and finders warrants equal to 4% of the number of Equity Units sold, each finder warrant exercisable into a common share of the Company for a period of 24 months at $0.10 per share.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The Company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT Inc. has a joint venture partnership with New Hope Data Technology Co. Ltd for China. The Company is headquartered in Toronto, Canada.
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Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the closing of the Private Placement. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
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