(TheNewswire)
Toronto, Canada - TheNewswire - December 5, 2023 - SPARC AI INC.(CSE:SPAI) (OTC:EGTTF) (Frankfurt:5OV0) (“SPAI” or the“Company”) is pleased to announce it hadreceived oversubscribed demand for a private placement offering of3,397,449 shares of the Company for gross proceeds of Canadian$373,719. The Offering $0.11 per share will complete on Friday8 th of December. All securities issued pursuant to the private placementwill be subject to a hold period of four-months and one day from thedate of issuance under applicable securities laws, April 11,2024 . No finder’s feeswere paid with connection to this non-broker private placement.
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 to409,000 shares.
The funds raised will be used to embed the SPARCpatented code and algorithms into a microchip. The funds will alsocover all current working capital requirements to the end of 2024. Thedevelopment will take approximately four months to complete and resultin the Company launching a powerful geospatial AI microchip that canbe easily installed on drones for security, surveillance, search andrescue and reconnaissance activities. The development of the AImicrochip will be carried out by a highly experienced engineering firmand SPARC AI will retain all intellectual property rights to allexisting 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 thatcause actions, events or results not to be as anticipated, estimatedor intended. There can be no assurance that such information willprove to be accurate as actual results and future events could differmaterially from those anticipated in such statements. The Companydisclaims 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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