Eyecarrot Announces Closing Of Financing

Medical Device Investing
Medical Device Investing

Eyecarrot Innovations Corp (TSXV:EYC, OTCQB:EYCCF), is pleased to announce the closing of a previously announced non-brokered private placement for total proceeds of $1,600,000. The Company issued a total of 16,000,000 units at $0.10 per unit, each unit comprised of one common share of the Company (a “Share”) and one transferable common share purchase warrant. Each …

Eyecarrot Innovations Corp (TSXV:EYC, OTCQB:EYCCF), is pleased to announce the closing of a previously announced non-brokered private placement for total proceeds of $1,600,000. The Company issued a total of 16,000,000 units at $0.10 per unit, each unit comprised of one common share of the Company (a “Share”) and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company (a “Warrant Share”) until November 24, 2019 at a purchase price of $0.20 per Warrant Share, subject to an accelerated conversion provision (the “Provision”). The Provision indicates that in the event that the closing price of the Company’s shares exceeds $0.30 per share for a period of 10 consecutive trading days, at the Company’s election, the 24-month period within which the warrants are exercisable will be reduced and the holders of the warrants will have 30 days from the date of notification of the Company of such election to exercise the Warrants.
Aggregate finder’s fees of $13,500 in cash and 135,000 finder’s warrants were paid to registrants. Each finder’s warrant has the same terms as the warrants forming part of the units, provided that the finder’s warrants are non-transferable.
All securities issued in connection with the Private Placement are subject to a four-month hold period expiring on March 24, 2018. Further restrictions may apply to certain subscribers under foreign securities laws.
Insiders participated in the Private Placement acquiring an aggregate of 2,500,000 units on the same basis as other subscribers. The participation in the Private Placement by insiders of the Company constitutes a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the Private Placement in so far as the Private Placement involved interested parties did not exceed 25% of the Company’s market capitalization.
About Eyecarrot
Eyecarrot’s BinoviTM platform is an innovative healthcare technology solution that integrates software, hardware, data and expert knowledge. Binovi helps Optometrists treat vision issues with in-office therapy as well as doctor led home based activities to better serve and increase the patient’s experience and their therapy needs. The goal is to help transform vision performance for the 1 in 4 people worldwide that suffer from vision-related issues going beyond visual acuity. The company is transforming how vision healthcare services are integrated, while addressing key challenges in the health system. Eyecarrot’s objective is to help Optometrists and their teams manage a wide range of problems involving visual function. The building of this network will revolutionize human vision performance, and release the untapped potential of millions of people, globally.
On behalf of the Board of Directors
Adam Cegielski
President | CEO
Telephone: 1.855.416.7158 – 416.943.6271
Forward looking information
Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations, and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company’s financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company’s continuous disclosure filings filed under the Company’s profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither 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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