(TheNewswire)
December 8, 2023 – TheNewswire - Toronto, Canada – SPARC AI INC. (CSE:SPAI) (OTC:EGTTF) (Frankfurt:5OV0) (“SPAI” or the“Company”) is pleased to announce it hadreceived oversubscribed demand and closed its private placementoffering of 3,389,777 common shares of the Company (“Shares”)for gross proceeds of Canadian $371,875. The Offering was completedat $0.11 per share. All securities issued pursuant to the privateplacement will be subject to a hold period of four-months and one dayfrom the date of issuance under applicable securities laws, April 9, 2024. Nofinder’s fees were paid with connection to this non-broker privateplacement.
The private placement was oversubscribed with strongdemand from accredited investors. All directors of the Company havesupported the private placement by taking 44% of the allocation.Anoosh Manzoori subscribed to 1,000,000 shares, Justin Hankasubscribed to 72,727 shares and Anthony Haberfield subscribed to403,927 shares.
The funds raised will be used to embed the SPARCpatented code and algorithms into a microchip. The development willtake approximately four months to complete and result in the Companylaunching a powerful geospatial AI microchip that can be easilyinstalled on drones for security, surveillance, search and rescue andreconnaissance activities. The development of the AI microchip will becarried out by a highly experienced engineering firm and SPARC AI willretain all intellectual property rights to all existing and new code,systems, processes, and knowhow.
The Company will provide progress updates and host alaunch event in the first quarter of 2024.
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 those anticipated in such statements. TheCompany disclaims any intention or obligation to update or revise anyforward-looking information, whether as a result of new information,future events or otherwise unless 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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