And so the wheels start turning.... ANALYTIXINSIGHT ANNOUNCES $1.75 MILLION OFFERING
AnalytixInsight Inc. is proceeding with a non-brokered private placement in which it will raise up to $1.75-million. In connection with the offering, the company will issue up to 5,468,750 units at a price of 32 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the company at a price of 50 cents for a period of 24 months from the closing of the offering, subject to certain acceleration provisions in the event that the shares of the company trade at 70 cents or higher for 30 consecutive trading days. The company may pay a finder's fee to certain eligible persons for introducing subscriptions to the offering.
The funds raised from the offering will be used to build on the success of the company's mobile-enabled platform, and launch mobile specific products and services, and for general working capital purposes.
AnalytixInsight chief executive officer Chaith Kondragunta commented: "We are excited with the progress of our mobile platform. We are poised to partner with leading global companies and provide unique mobile services built around our Capitalcube.Com suite of company analysis products, and we are confident that these joint offerings will be very competitive in the current marketplace. The capital raised will help position the company to execute at a high level for the growth opportunities ahead of us."
Closing of the financing will be subject to approval of the TSX Venture Exchange.