TORONTO, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX VENTURE:ITT) (OTC:INOTF) (FRANKFURT:71T) (“ITT” or the “Company”) a software and solutions provider to the Internet of Things (the “IoT”) market, announces that it closed the non-brokered private placement of 23,000,000 equity units of the Company ("Equity Units") at a price of $0.10 per Equity Unit for gross proceeds of up to $2,300,000 (the "Private Placement"), which was increased due to investor demand.
Each Equity Unit is comprised of one (1) common share of the Company and one-half of one (1/2) common share purchase warrant of the Company (a "Warrant"). Each whole Warrant entitles the holder to acquire one (1) common share of the Company for a period of 24 months from the date of issuance of the Warrant, at an exercise price of $0.18 per share.
The Company will use the proceeds from the Private Placement for working capital purposes.
The Company paid the following finder's fees to eligible parties in connection with the Private Placement: cash totaling $153,000; 487,000 common shares of the Company; and, 1,065,600 finders warrants, each finder warrant exercisable into a common share of the Company for a period of 24 months at $0.18 per share.
The securities issued pursuant to the Private Placement are subject to a hold period of 4 months and one day from the closing date.
About Iternet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The Company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT Inc. has a joint venture partnership with New Hope Data Technology Co. Ltd for China. The Company is headquartered in Toronto, Canada.
For further information, contact: Internet of Things Inc. Michael Frank President & CEO Tel: (416) 677-9277 Email: [email protected] To learn more, visit: www.iotintl.com
Cautionary and Forward-Looking Statements Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the closing of the Private Placement. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors' own risk.
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