(TheNewswire)
October 23, 2023 – TheNewswire - Toronto, Canada – SPARC AI INC. (CSE:SPAI)(OTC:EGTTF) (Frankfurt:5OV0) (“ SPAI ” or the“ Company ”) is pleased to announce that it intends to complete aPrivate Placement for gross proceeds of up to $250,000 through theissuance of up to 2,222,222 shares at a price of $0.1125 pershare.
All securities issued in respect of the PrivatePlacement will be subject to a hold period of four months and a dayfrom closing of the Private Placement in accordance with securitieslaws. The proceeds from the Private Placement will be used for workingcapital and the development of a mobile application and microchip withembedded SPARC AI patented code and algorithms. The development will take approximately four months tocomplete and will result in the Company launching powerful productsfor security, surveillance, search and rescue and reconnaissanceactivities.
No finder’s fees and commissions are payable for thisPrivate Placement.
The launch of the SPARC AI microchip and mobileapplication marks a transformative turnaround for the Company. TheCompany will make further announcements providing updates on thedevelopment work and video demonstrations of the products at anofficial launch early next year.
For more information contact:
Website: https://www.sparcai.co
Investor Presentation: ClickHere
Anoosh Manzoori, CEO SPARC AI INC. Email: anoosh@sparcai.net Phone: +61.3.9666338 |
THE CANADIAN SECURITIES EXCHANGE HASNOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY ORADEQUACY OF THIS RELEASE. NO SECURITIES COMMISSION OR OTHER REGULATORYAUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINEDHEREIN.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. These statements relate to future events or futureperformance. All statements other than statements of historical factmay be forward-looking statements or information.
The Company provides forward-looking statements for thepurpose of conveying information about current expectations and plansrelating to the future and readers are cautioned that such statementsmay not be appropriate for other purposes. By its nature, thisinformation is subject to inherent risks and uncertainties that may begeneral or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions willnot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities will not be achieved. Theserisks and uncertainties include but are not limited those identifiedand reported in the Company’s public filings under the Company’sSEDAR profile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
Accordingly, readers should not place undue reliance onthe forward-looking statements, timelines and information contained inthis news release. Readers are cautioned that the foregoing list offactors, assumptions and exclusions is not exhaustive.
The forward-looking statements and informationcontained in this news release are made as of the date hereof and noundertaking is given to update publicly or revise any forward-lookingstatements or information, whether as a result of new information,future events or otherwise, unless so required by applicablesecurities laws or the Canadian Securities Exchange. Theforward-looking statements or information contained in this newsrelease are expressly qualified by this cautionary statement.
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