On September 28, 2020, iLOOKABOUT Corp. closed a non-brokered private placement of units for aggregate gross proceeds of approximately $8 million. The private placement was completed in two tranches.
Under the first tranche, iLOOKABOUT issued 46,648,200 units at a price of $0.15 per unit for gross proceeds of approximately $7 million. Each unit is composed of one common share and one-half common share purchase warrant of iLOOKABOUT. Each full warrant entitles the holder thereof to acquire one common share of iLOOKABOUT at a price of $0.25 for a period of 12 months following the closing of the private placement.
Under the second tranche, iLOOKABOUT issued 4,262,760 units at a price of $0.23 per unit for gross proceeds of approximately $1 million. Each unit is composed of one common share and one common share purchase warrant of iLOOKABOUT. Each full warrant entitles the holder thereof to acquire one common share of iLOOKABOUT at a price of $0.30 for a period of 12 months following the closing of the private placement.
Cassels acted for iLOOKABOUT with a deal team that included Sean Maniaci, James Lyle and Tiffany Chiu (Securities).