Tickers: XTSX:ES
Tags: Gaming, Technology
Vancouver, BC / TheNewswire / October 12, 2017 -- Eight Solutions Inc. (TSXV:ES) ("Eight Solutions" or the "Company") announces that it has closed a non-brokered private placement offering (the "Offering") of 19,929,072 units (each a "Unit") at a price of $0.07 per Unit for a total gross proceeds of $1,395,035.
The Company is also excited to announce the launch of the Cumul8 Visual Toolkit which delivers a system for "self-serve analytics" at any level of an organization. The biggest challenge with the current IOT platforms is the ability to provide an easy and broad way of getting value out of big data. The Visual Toolkit allows users to quickly and easily add and edit Key Performance Indicators ("KPI's"), charts and graphs and live data displays on their home screen dashboard. Inside this tool kit is the Company's own proprietary Artificial Intelligence ("AI") system that provides predictive models using the various manufacturing variables.
"This private placement will help us launch our Cumul8 Toolkit and IOT platform" says Rory Armes, CEO, "With the Visual Toolkit being well received by our clients, this financing will enable the Company to aggressively push and advance our Cumul8 products into the market."
The details of the private placement are as follows: each Unit is comprised of one common share in the capital of the Company (each, a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share (each, a "Warrant Share") at a price of $0.15 per Warrant Share for a period of 36 months following the closing date. The Warrants are subject to an acceleration clause wherein, in the event the Company's Shares trade at a price greater than $1.00 per Share for a period of at least 30 consecutive trading days, the Company may accelerate the expiry date of the Warrants with reasonable written notice.
All securities are subject to a 4 month hold period expiring on February 13, 2018. Net proceeds are intended to be used for working capital purposes, including software development, marketing, corporate development and general corporate purposes within the Company. No finders fees were paid in connection with the Offering.
Two directors of the Company purchased an aggregate of 3,714,286 Units in the Offering and it is therefore considered a "related party transaction", as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements set out in sections 5.5(b) and 5.7(1)(a) of MI 61-101 on the basis that the Company is not listed on any of the specified markets and the fair market value is not more than 25% of the Company's market capitalization. The Company did not file the material change report required under MI 61-101 more than 21 days before the expected closing date of the Offering as the definitive documentation for the Offering and the participation therein by each "related party" of the Company were not settled until shortly prior to the closing of the Offering,
About Eight Solutions
Eight Solutions is a technology company led by a team of video game industry veterans. Eight Solutions' flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight Solutions' portfolio includes an award-winning 3D software technology licensed to the film industry; and Reelhouse, a unique video-on-demand platform that allows filmmakers to distribute their content directly to users. For more information, visit www.eightsolutions.com
On Behalf of the Board of Directors
(signed) "Rory Armes"
Rory Armes
Chief Executive Officer, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. In particular, forward-looking statements in this press release include, but are not limited to, statements respecting the use of proceeds and the terms and closing of the transaction. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction, obtaining all regulatory and third party consents, obtaining the requisite shareholder approvals for the transaction, our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company's competition; the Company's failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to the Company's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Investor Relations
investor.relations@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855
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