The final prospectus was released yesterday on SEDAR.
https://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00013706 In case you were going to compare the preliminary (I am sure everyone has read this) against the finaI, I will save you the time but do feel free to comment if I missed something.
As expected, it is mostly the same save for the following:
- The TSXV has conditionally accepted the warrants for trading on the Venture.
- Text was suffled around regarding COVID
- Clarification of how the funds will be allocated under "Princliple Purposes"
- Addition of text in red in the existing paragraphs
Business objectives and milestones The Company intends to use the net proceeds of the Offering to develop a digital stock trading platform and deploy in North America the products developed by MarketWall. As described in the AIF, the Company’s big data analytics platform CapitalCube provides fundamental financial analysis on global stocks and North American ETFs. MarketWall has developed InvestoPro as a European digital stock trading platform and offers its next generation trading platform as a white label B2B product offering to banks and brokers under the brand GEMINA. The Company intends to develop a stock trading platform that is designed for North American users, banks or brokers that will integrate CapitalCube, InvestoPro and GEMINA attributes to offer real-time quotes, financial analysis, and stock trading.
The Company expects that such users, banks or brokers utilizing the platform, which may include regulated activities such as advising on or trading in securities, will hold the requisite regulatory approvals required to lawfully engage in such activities. At this time, the Company does not intend to use the platform itself in North America to engage in activities requiring such regulatory approvals. The Company does not expect the COVID-19 pandemic to impact the Company’s ability to carry out these business objectives and milestones. [Table]
The first two significant events indicated above (development work to adapt software to North American market and ensure scalability and performance for North American market) will be completed by MarketWall for an expected aggregate cost of $2,000,000, utilizing funding from the Company.
These events will require software development work, which is expected to require hiring additional employees and contractors with the necessary expertise, to adapt the MarketWall software into a new platform for use in the North American market, and to improve the scalability and performance of the platform as required. The maintenance and support testing on the new platform to test the product’s functionality will be completed by employees and consultants of the Company. The marketing and selling of the platform is expected to include direct marketing and selling by the Company’s sales team, attendance at trade shows, and general advertising. [Table]
The development of real time quote functionality and ensuring scalability and performance will require software development in respect of its products to create the new features and to ensure there is suitable scalability and performance. Maintenance and support testing will be performed to test the functionality following such development. All of this development work is to be completed by the Company through employees and contractors of the Company or its subsidiaries. The development of real time quote functionality will also require the acquisition of additional data required to support the new functionality and additional servers. The roll out of the new functionality is expected to include direct marketing and selling by the Company’s sales team, attendance at trade shows, and general advertising. The above noted allocation represents the Company’s intentions with respect to its use of proceeds based on current knowledge, planning and expectations of management of the Company. Actual expenditures may differ from the estimates set forth above. There may be circumstances where for sound business reasons the Company reallocates the use of proceeds. See “Risk Factors – Use of proceeds”, “Risk Factors – Negative cash flow from operations” and “Risk Factors – The Company’s cash flow and funds in reserve may not be sufficient to fund its ongoing activities”.