/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 4, 2021 /CNW/ - EQ Inc. (TSXV: EQ)
("EQ" or the "Company"), a leader in geospatial data
and artificial intelligence driven software, announced today the
pricing of its previously announced overnight marketed offering
(the "Offering") of an aggregate of 6,250,000 common shares
in the capital of the Company (the "Offered Securities") at
a price of C$1.60 per Offered
Security for total gross proceeds of C$10,000,000.
The Offered Securities will be offered by way of a short
form prospectus to be filed in each of the Provinces
of Canada, other than Québec, (the "Prospectus")
and in the United States on a private placement basis to
"qualified institutional buyers" pursuant to an exemption from the
registration requirements of the United States Securities
Act of 1933, as amended (the "U.S. Securities
Act"), and by private placement to eligible purchasers resident
in jurisdictions other than Canada
and the United States.
Canaccord Genuity Corp., as sole bookrunner, and Echelon Wealth
Partners Inc. co-led the syndicate of underwriters for the
Offering, which included Eight Capital and Desjardins Securities
Inc. (together, the "Underwriters").
The Offering is expected to close on or about February 19, 2021, or such other date as the
Company and the Underwriters may agree. Closing of the Offering is
subject to customary closing conditions, including the receipt of
all necessary regulatory approvals, such as the approval of
applicable securities regulatory authorities and the TSX Venture
Exchange.
In addition, the Company has granted the Underwriters a 30-day
option to purchase up to an additional 937,500 Offered
Securities, representing 15% of the Offered Securities pursuant to
the proposed Offering on the same terms and conditions for market
stabilization purposes and to cover overallotments.
The Company intends to use the net proceeds of the Offering to
develop its proprietary SaaS platform, marketing and branding
initiatives, research and development, expansion into the United States and for working capital and
general corporate purposes.
Copies of the Prospectus may be obtained on SEDAR at
www.sedar.com and from Canaccord Genuity Corp., 161 Bay Street,
Suite 3000, Toronto, ON M5J 2S1.
The Prospectus contains important detailed information about the
Company and the proposed Offering. Prospective investors should
read the Prospectus and the other documents the Company has filed
on SEDAR at www.sedar.com before making an investment
decision.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The Offered
Securities have not been and will not be registered under the U.S.
Securities Act or any state securities laws. Accordingly, the
Offered Securities may not be offered or sold within the United States unless registered under the
U.S. Securities Act and applicable state securities laws or
pursuant to exemptions from the registration requirements of the
U.S. Securities Act and applicable state securities laws. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy any securities of the Company in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About EQ Works
EQ Works (www.eqworks.com) enables businesses to understand,
predict, and influence customer behaviour. Using unique data sets,
advanced analytics, machine learning and artificial intelligence,
EQ Works creates actionable intelligence for businesses to attract,
retain, and grow the customers that matter most. The Company's
proprietary SaaS platform mines insights from movement and
geospatial data, enabling businesses to close the loop between
digital and real-world consumer actions.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information contained in this press release may be identified by
the use of words such as, "may", "would", "could", "will",
"likely", "expect", "anticipate", "believe, "intend", "plan",
"forecast", "project", "estimate", "outlook" and other similar
expressions. The forward-looking information contained in this news
release is based on certain key expectations and assumptions made
by the Company, including expectations and assumptions regarding
the terms, timing and potential completion of the Offering,
satisfaction of regulatory requirements in various jurisdictions
and the use of proceeds from the Offering. Forward-looking
information is not a guarantee of future performance and is based
upon a number of estimates and assumptions of management in light
of management's experience and perception of trends, current
conditions and expected developments, as well as other factors
relevant in the circumstances, including assumptions in respect of
current and future market conditions, the current and future
regulatory environment; and the availability of licenses, approvals
and permits. Although the Company believes that the expectations
and assumptions on which such forward-looking information is based
are reasonable, undue reliance should not be placed on the
forward-looking information because the Company can give no
assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these
statements. Forward-looking information is subject to a variety of
risks and uncertainties that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Such risks and uncertainties include, but are not
limited to current and future market conditions, including the
market price of the common shares in the capital of the Company,
the delay or failure to receive regulatory approvals, and the risk
factors set out in the Company's annual information form dated
October 29, 2020, filed with the
Canadian securities regulators and available under the Company's
profile on SEDAR at www.sedar.com.
SOURCE EQ Inc.