Upsizing of Previously Announced Private Placement VANCOUVER, BC, Aug. 26, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company") is pleased to announce its that it has upsized its previously announced (see press release dated August 18, 2021) financing to $3,500,000. The Company will issue up to 23,333,333 shares through the sale of units at $0.15 per unit; each unit to consist of one common share and one half warrant (each full warrant exercisable at $0.25 for 24 months).
Proceeds received from the offering will be used, as to roughly one-third each, for general working capital purposes, to fund the Company's sales and marketing strategy, and to make key hires within the Climate Risk group. The Company is unaware of any material facts or material changes regarding Minerva and its business that have not been generally disclosed through previous press releases and financial statements. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Our proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 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, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.