iLOOKABOUT Announces Results for the First Quarter Ended March 31, 2017

iLOOKABOUT (TSXV:ILA) has announced its financial results for the three months ended March 31, 2017.
As quoted in the press release:

“In Q1 we experienced stable revenue and adjusted EBITDA performance from our core business. We continue to focus on growing our product and services offerings to new customers, and deliveries under key customer contracts,” said Laurence Rose, CEO of iLOOKABOUT. “Following quarter end, iLOOKABOUT completed a $5.1 million public offering of Common Shares, which along with our debt free capital structure, strengthened the Company’s liquidity position and ability to invest in various growth initiatives in the future.”
2017 First Quarter and Recent Significant Developments:

• In January 2017, 1,481,000 Series I Warrants held by the Executive Chair of the Company were exercised for 1,481,000 common shares at an exercise price of $0.15 per share, for total gross proceeds of $222,150.
• In March 2017, 576,611 Series G Warrants with an exercise price of $0.31 expired, unexercised.
• In May 2017, the Company completed a public offering, resulting in the issuance of 20,520,000 Common Shares of the Company for gross proceeds of $5,130,000. In addition to cash compensation, the Company issued 1,044,000 common share purchase warrants (the “Broker Compensation Warrants”) to the underwriters of the offering. Each Broker Compensation Warrant entitles the holder to purchase one Common Share of the Company at an exercise price of $0.25. These warrants have an expiry date of May 16, 2019. iLOOKABOUT intends to use the net proceeds of the Offering to accelerate new product development, position the Company for new opportunities, including potential future acquisitions, and for general corporate purposes.

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