Home Artificial Intelligence AnalytixInsight Closes Private Placement Financing

AnalytixInsight Closes Private Placement Financing

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TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) — Artificial Intelligence company AnalytixInsight Inc. (TSX-V: ALY; OTCQB: ATIXF) (the “Company” or “AnalytixInsight”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”). The Company has issued 3,059,637 units (the “Units”) at a price of $0.55 per Unit for gross proceeds of $1,682,800.35. Each Unit is comprised of one common share of the Company (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 $0.75 at any time prior to October 16, 2022. The Company intends to use the net proceeds of the Offering for growth initiatives and general corporate purposes.

In connection with the Offering, AnalytixInsight paid finder’s fees of $65,015.03 in cash and issued 118,209 non-transferable finder’s warrants (“Finder’s Warrants”). Each Finder’s Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.75 at any time prior to October 16, 2022.

All securities issued in connection with the Offering are subject to a hold period expiring on February 17, 2021. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.

The Company is also pleased to announce that it has entered into a capital markets advisory agreement with Sophic Capital Inc. (“Sophic”). Sophic is a comprehensive capital markets advisory firm focused on microcap growth companies. Sophic will manage AnalytixInsight’s investor relations activities, focusing on increasing investor awareness by advancing AnalytixInsight’s communications strategy with shareholders, investors, investment dealers and other financial professionals.

The agreement with Sophic is effective for a 12-month term and, subject to the prior approval of the TSX Venture Exchange, Sophic is entitled to receive (i) a monthly fee of $7,000, and (ii) 400,000 stock options. The options vest in four equal instalments over a period of 12 months and may be exercised at a price of $0.68 per option for a period of three years from the date of grant. Sophic is an arm’s length party from the Company and has an office in Toronto, Ontario. As of the date of this press release, neither Sophic nor any of its directors and officers own any securities of the Company.

CONTACT INFORMATION:

Scott Urquhart
VP Corporate Development
Scott.Urquhart@AnalytixInsight.com
(416) 522-3975

ABOUT ANALYTIXINSIGHT INC.

AnalytixInsight Inc. is an Artificial Intelligence, machine-learning company. AnalytixInsight’s financial analytics platform CapitalCube.com algorithmically analyzes market price data and regulatory filings to create insightful actionable narratives and research on approximately 50,000 global companies and ETFs, providing high-quality financial research and content for investors, information providers, finance portals and media. AnalytixInsight also designs and implements Workforce Optimization solutions for large global enterprises. AnalytixInsight holds a 49% interest in Marketwall, a developer of FinTech solutions for financial institutions. For more information, visit 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 regarding the timing of closing of the Offering, the use of proceeds of the Offering, the engagement of Sophic as a capital markets advisor 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, 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 THE 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.        

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