TORONTO, ONTARIO–(Marketwired – Feb. 28, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Big Data Analytics company, AnalytixInsight Inc. (TSX VENTURE:ALY) (the “Company” or “AnalytixInsight”) is pleased to announce that it has arranged a non-brokered private placement financing of up to 11,500,000 units of AnalytixInsight (the “Units”) at a price of $0.20 per Unit for gross proceeds of up to $2,300,000 (the “Offering”). Each Unit shall be comprised of one common share of AnalytixInsight (each a “Common Share”) and one half of one common share purchase warrant (each a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.35 for a period of 18 months following the closing date of the Offering.
The proceeds of the Offering will be used for general corporate purposes. The closing date of the Offering is expected to occur on or about March 2, 2017. All securities issued by AnalytixInsight will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including TSX Venture Exchange approval.
In connection with the Offering, AnalytixInsight may pay finder’s fees in cash of up to 7% of gross proceeds of the Offering and finder’s warrants (“Finder Warrants”) in an amount of up to 7% of the Units sold pursuant to the Offering to eligible finders in accordance with the policies of the TSX Venture Exchange. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.35 for a period of 18 months following the closing date of the Offering.
With management, employees and certain directors of AnalytixInsight acquiring a portion of the Offering, their participation will be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
AnalytixInsight continues to work towards completion of the transactions which were previously announced on November 25, 2016 and will issue a press release at such time of closing.
On behalf of the Board of Directors of
ANALYTIXINSIGHT INC.
Prakash Hariharan
President & CEO and Chairman
ABOUT ANALYTIXINSIGHT INC.
AnalytixInsight Inc.’s technology platform helps transform data into narratives. The Company’s online portal CapitalCube (www.capitalcube.com) and mobile platform MarketWall (www.marketwall.com) provide high-quality financial research and content for investors, information providers, finance portals and media. The Company’s disruptive technology algorithmically analyzes market price data and regulatory filings to create insightful, actionable narratives and research on approximately 50,000 global companies and ETFs – all available as a cloud-based, SaaS offering. This platform capability is extensible to other asset classes and sectors to generate insightful research reports. CapitalCube and MarketWall have existing business relationships with leading global financial and media institutions. For more information about AnalytixInsight visit www.analytixinsight.com.
Regulatory Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements the timing and closing of the Offering, the use of proceeds of the Offering, the Company’s ability to close its previously announced acquisitions and the Company’s operations and business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AnalytixInsight Inc., as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the Company’s technology and revenue generation; risks associated with operation in the technology sector; ability to successfully integrate new technology and employees; foreign operations risks; and other risks inherent in the technology industry. Although AnalytixInsight has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AnalytixInsight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Scott Urquhart
VP Corporate Development
(416) 522-3975
