July 29, 2021 (Calgary, AB) – ICEsoft Technologies Canada Corp. (CSE: ISFT) (the “Company” or “ICEsoft”) is pleased to announce its plans for a non-brokered private placement of up to 32,000,000 units (the “Units”) through one or more closings, at a price of CAD $0.05 per Unit, which would raise aggregate gross proceeds of up to CAD $1,500,000 and provide for up to CAD $100,000 in debt settlement (the “Private Placement”). Each Unit will consist of (i) one common share in the capital of the Company (each, a “Common Share”), and (ii) one common share purchase warrant (a “Warrant”), with each Warrant entitling the holder to subscribe for one additional Common Share at an exercise price of CAD $0.08 per share at any time prior to the day that is 36 months from the grant of the Warrant.
The Private Placement is being led by Shen Capital Partners Inc. (“Shen Capital”), which subject to the Company meeting standard closing conditions and deal terms, anticipates subscribing for a minimum of CAD$1,300,000.00 of the available Units. It is further anticipated that Company directors and/or officers shall participate in the Private Placement and shall purchase Units through a combination of cash payments and debt settlement. Total aggregate insider participation is expected not to exceed CAD$300,000.00. In connection with the subscription from Shen Capital, upon closing of the private placement, the Company has agreed to grant Shen Capital the right to nominate one member to the Board of Directors, who shall initially be Francis Shen, and one board observer, who shall initially be Andrew Shen.
The Private Placement is anticipated to close on or about Friday August 27, 2021.
The securities issued pursuant to the Private Placement will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of the applicable closing of the Private Placement. Closing of the Private Placement is subject to receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.
About ICEsoft Technologies Canada Corp.
ICEsoft Technologies Canada Corp. is a software-as-a-service (“SaaS”) company. ICEsoft’s current software, which is available as freeware with a pay to use version, is used by some 150,000 developers, 20,000 companies, and some 400 paying customers. ICEsoft’s newest product Voyent Alert! is an affordable Community Alerting Service specifically designed to meet the needs of small to medium sized municipalities, regional governments and campuses. The flexible platform serves the dual purpose of alerting and advising residents during a critical incident as well as providing targeted day-to-day communication services.
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President and Chief Executive Officer