TORONTO, ONTARIO--(Marketwired - March 6, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Big Data Analytics company, AnalytixInsight Inc. (TSX VENTURE:ALY) (the "Company" or "AnalytixInsight") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering"). The Offering was increased from $2,300,000 to $2,600,000 as a result of higher demand. The Company has issued 13,000,000 units (the "Units") at a price of $0.20 per Unit for gross proceeds of $2,600,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.35 at any time prior to September 6, 2018. The proceeds of the Offering will be used for general corporate purposes.
In connection with the Offering, AnalytixInsight paid finder's fees of $71,750 in cash and issued 358,750 non-transferable finder's warrants ("Finder's Warrants"). Each Finder's Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.35 at any time prior to September 6, 2018.
All securities issued in connection with the Offering are subject to a four month plus one day hold period. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.
Management, employees and certain directors of AnalytixInsight acquired a portion of the Offering, and their participation (the "Insider Participation") is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
AnalytixInsight has entered into an agreement with FronTier Merchant Capital Group ("FronTier") to provide the Company with investor relations services. Under the terms of the agreement, FronTier has been retained for a 12 month period for total consideration of $87,000. FronTier will assist the Company by increasing market awareness for the Company utilizing a number of financial market communications initiatives.
On behalf of the Board of Directors of
Prakash Hariharan, Chief Executive Officer
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight Inc.'s technology platform helps transform data into narratives. The Company's online portal CapitalCube (www.capitalcube.com) and mobile platform MarketWall (www.marketwall.com) provide high-quality financial research and content for investors, information providers, finance portals and media. The Company's disruptive technology algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs - all available as a cloud-based, SaaS offering. This platform capability is extensible to other asset classes and sectors to generate insightful research reports. CapitalCube and MarketWall have existing business relationships with leading global financial and media institutions. For more information about AnalytixInsight visit www.analytixinsight.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements the timing and closing of the Offering, the use of proceeds of the Offering, the impact of the appointment of FronTier and the Company's operations and business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company's technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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