DENVER and VANCOUVER, British Columbia, Feb. 10, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 30,000,000 units (“Units”) of the Company at a price of $0.10 per Unit for gross proceeds of up to $3,000,000. Each Unit shall consist of one common share (each a “Share”) and one-half of one transferable Share purchase warrant (with two half warrants being a “Warrant”). Each whole Warrant shall entitle the holder thereof to purchase one additional Share at a price of $0.15 per Share for a period of thirty-six (36) months from the date of issuance.
Finder’s fees may be paid to qualified parties in connection with the Private Placement.
The Company intends to use the net proceeds from the Private Placement for general working capital purposes and the contemplated acquisition of E3 Service Group, LLC ( please refer to the news release dated November 15, 2021 for further details on the executed non-binding letter of intent).
All securities issued will be subject to a statutory four month and one day hold period from issuance.
None of the securities issued in connection with the Private Placement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them will be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.