AirIQ Announces $485,000 Financing
12 Décembre 2013 - 2:37PM
Marketwired
AirIQ Announces $485,000 Financing
TORONTO, ONTARIO--(Marketwired - Dec 12, 2013) - AirIQ Inc.
("AirIQ" or "the Company") (TSX-VENTURE:IQ), a supplier of wireless
asset management services, today announced that it has signed a
non-binding term sheet for a non-brokered $485,000 financing
comprised of a $100,000 loan and the issuance of 7,700,000 common
shares of the Company for consideration of $385,000.
"Three major
customer opportunities are driving the need for working capital to
execute on revenue growth. The Company's large rental customer is
expanding, a significant taxi application is underway and potential
international deployment is being considered. As a result, working
capital has been stretched to the limit," said Donald Gibbs,
President and Chief Executive Officer of AirIQ. "In the current
financing environment, the Company is pleased to be able to secure
this financing with the tremendous support of the Company's
employees and assistance from the Chairman," continued Mr.
Gibbs.
Details of the
financing are as follows:
Loan
Financing
The Company intends
to enter into a term loan agreement for $100,000 (the "Loan") with
Mosaic Capital Partners L.P. ("Mosaic"). In consideration of the
Loan, the Company has agreed to issue warrants to Mosaic to
purchase up to 500,000 common shares of the Company at an exercise
price of $0.05 per share. The warrants will expire ten years from
the date of issue. The Loan shall accrue interest at the rate of
15% per annum, to be calculated daily and payable monthly in
arrears. The Loan will be secured by a charge over all of AirIQ's
property and will be due and payable in full eighteen months
following the date of advance, which is expected to be on or before
December 16, 2013. The Loan will not be convertible into shares of
the Company. The Company will pay a placement fee of $5,000 to
Mosaic to be deducted from the advance of principal on the Loan.
Vernon Lobo, Chairman and a director of the Company, is a managing
director of Mosaic. Both the Loan and the issue of the warrants are
subject to the approval of the TSX Venture Exchange.
Non-Brokered
Private Placement
The Company has also
arranged a non-brokered private placement for 7,700,000 common
shares at a price of $0.05 per share for total gross proceeds of
$385,000 (the "Private Placement"). The closing of the Private
Placement is expected to occur on or before December 16, 2013,
subject to the approval of the TSX Venture Exchange. The Company
expects that insiders of the Company will subscribe for more than
25% of the Private Placement. All securities issued pursuant to the
Private Placement will be subject to a four month hold period from
the date of closing, and the proceeds shall be used for general
working capital.
There will not be
any change of control or the creation of a new control person as a
result of the Private Placement.
The common shares to
be issued in the Private Placement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"1933 Act") or any applicable securities laws of any state of the
United States and may not be offered or sold in the United States
or to, or for the account or benefit of, U.S. persons (as defined
in Regulation S under the 1933 Act) or persons in the United States
absent registration or an applicable exemption from such
registration requirements.
About AirIQ
AirIQ currently
trades on the TSX Venture Exchange under the symbol IQ. AirIQ's
office is located in Pickering, Ontario, Canada. The Company offers
a suite of asset management services that generate recurring
revenues from each device deployed. AirIQ delivers services to two
primary markets: Commercial Fleets and dealers that service
Consumer segments. AirIQ provides vehicle owners with the ability
to monitor, manage and protect their mobile assets. Services
include: instant vehicle locating, boundary notification, automated
inventory reports, maintenance reminders, security alerts and
vehicle disabling and unauthorized movement alerts. For additional
information on AirIQ or its products and services, please visit the
Company's website at www.airiq.com.
Forward-looking
Statements
This news release
contains forward-looking information based on management's best
estimates and the current operating environment. These
forward-looking statements are related to, but not limited to,
AirIQ's operations, anticipated financial performance, business
prospects and strategies. Forward-looking information typically
contains statements with words such as "hope", "goal",
"anticipate", "believe", "expect", "plan" or similar words
suggesting future outcomes. These statements are based upon certain
material factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection as reflected in the
forward-looking statements, including AirIQ's perception of
historical trends, current conditions and expected future
developments as well as other factors management believes are
appropriate in the circumstances. Such forward-looking statements
are as of the date which such statement is made and are subject to
a number of known and unknown risks, uncertainties and other
factors, which could cause actual results or events to differ
materially from future results expressed, anticipated or implied by
such forward-looking statements. Such factors include, but are not
limited to, changes in market and competition, technological and
competitive developments and potential downturns in economic
conditions generally. Therefore, actual outcomes may differ
materially from those expressed in such forward-looking statements.
Forward-looking statements are provided for the purpose of
providing information about management's current expectations and
plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. Other than
as may be required by law, AirIQ disclaims any intention or
obligation to update or revise any such forward-looking statements,
whether as a result of such information, future events or
otherwise.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
AirIQ Inc.Donald GibbsPresident and Chief Executive Officer(905)
831-6444, Ext. 4255dgibbs@airiq.comwww.airiq.com
AirIQ (TSXV:IQ)
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