08 ET - News Release
Mr. Rory Armes reports
EIGHT SOLUTIONS ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Eight Solutions Inc. has closed a non-brokered private placement offering of 19,929,072 units at a price of seven cents 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 (Internet of things) 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 (KPIs), 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, chief executive officer. "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 comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of 15 cents 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 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 four-month hold period expiring on Feb. 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. 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 per cent 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 Inc.
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 3-D 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.
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