PP oversubscribed, 44% filled by insiders, 4 months to product launch.
2023-12-08 10:43 ET - News Release
Mr. Anoosh Manzoori reports
SPARC AI CLOSES PRIVATE PLACEMENT TO DEVELOP AN AI MICROCHIP
Sparc AI Inc. had received oversubscribed demand and closed its private placement offering of 3,389,777 common shares of the company for gross proceeds of $371,875. The offering was completed at 11 cents per share. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance under applicable securities laws, April 9, 2024. No finder's fees were paid with connection to this non-broker private placement.
The private placement was oversubscribed with strong demand from accredited investors. All directors of the company have supported the private placement by taking 44 per cent of the allocation. Anoosh Manzoori subscribed to one million shares, Justin Hanka subscribed to 72,727 shares and Anthony Haberfield subscribed to 403,927 shares.
The funds raised will be used to embed the Sparc patented code and algorithms into a microchip. The development will take approximately four months to complete and result in the company launching a powerful geospatial artificial intelligence microchip that can be easily installed on drones for security, surveillance, search and rescue, and reconnaissance activities. The development of the AI microchip will be carried out by a highly experienced engineering firm and Sparc AI will retain all intellectual property rights to all existing and new code, systems, processes and know-how.