share issued at 0.025 to 0.25 before ipoShare Capital
Authorized share capital Unlimited number of common shares without par value Unlimited number of preferred shares without par value Shares issued during the six months period ended June 30, 2021: On February 26, 2021, the Company completed a non-brokered private placement of 2,600,337 common shares at a price of $0.15 per share, for gross proceeds of $390,050. No finder’s fees were paid in connection with the private placement. The Company received subscriptions in advance of $39,550 prior to December 31, 2020. On April 20, 2021, the Company completed a non-brokered private placement of 10,460,000 units at a price of $0.25 per share, for gross proceeds of $2,615,000. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.75 per share for a period of two years. In connection with the Private Placement, the Company paid finder’s fees consisting of $116,100 cash commission, 332,400 warrants (the “Brokers Warrants”) and 190,400 of the company’s common shares to arm’s-length finders with a fair value of $47,600. The fair value of the shares was measured at $0.25. The Brokers Warrants had a fair value of $22,160 and were measured using the Black-Scholes pricing model with the following assumptions: stock price - $0.25; exercise price - $0.75; expected life – 2 years; volatility – 100%; dividend yield – Nil; and risk-free rate – 0.29%. SpotLite360 IOT Solutions, Inc. (Formerly SpotLite360 Technologies, Inc.) Notes to the Condensed Interim Consolidated Financial Statements For the six-month period ended June 30, 2021 and 2020 (Unaudited - Expressed in Canadian dollars) 17 9. Share Capital (Cont’d) Shares issued during the year ending December 31, 2020: On September 3, 2020, the Company completed a non-brokered private placement consisting of 4,090,506 common shares at $0.15 per share, for gross proceeds of $613,576. In connection with the private placement, the Company issued 286,335 finder’s fee common shares, to arm’s-length finders, with a fair value of $42,950. On May 8, 2020, the Company completed a non-brokered private placement consisting of 2,040,000 common shares at $0.025 per share, for gross proceeds of $51,000. In connection with the private placement, the Company paid a cash finder’s fee of $1,455.