2. Upsizing of Private Placement
On October 27, 2020, the Company announced a non-brokered private placement of up to $2 Million led by several of Reliq’s key clients and strategic partners. The Company is pleased to announce today that due to high demand it has amended the terms of the private placement to increase the size of the offering to a maximum of 13,333,333 units (the “ Units ”) at a price of $0.225 per Unit, for gross proceeds of up to $3 Million (the “ Upsized Offering ”).
Each Unit will consist of one (1) common share and one-half (1/2) of a share purchase warrant (each whole warrant, a “ Warrant ”). Each Warrant will be exercisable for an additional share at a price of $0.30 for a period of two (2) years from issuance. In the event that the common shares of the Company trade at a closing price of greater than $0.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given to the warrantholders.
The Company intends to use the net proceeds to support onboarding of new clients. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws. Closing of the Offering is subject to receipt of all necessary regulatory approvals.