iLOOKABOUT Announces Closing of $8 Million Private Placement

TORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) -- iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) today announced that, further to the Company's news release issued on September 16, 2020, the Company has closed its non-brokered private placement (the “Private Placement”) of units of the Company, for aggregate gross proceeds of approximately $8,000,000. The Private Placement was completed in two tranches.

The first tranche (the “Tranche A”) relied on the “part and parcel exception” with respect to pricing. Under Tranche A, the Company issued 46,648,200 units (the “A-Units”) at a price of $0.15 per A-Unit, for gross proceeds of $6,997,230. Each A-Unit is composed of one common share of the Company and one-half common share purchase warrant (the “A-Warrants”). Each full A-Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.25 for a period of 12 months following the closing of the Private Placement. Net proceeds of Tranche A will be used to fund the cash consideration with respect to the acquisition of the assets of Starcap Marketing, LLC (d.b.a. Apex Software) as disclosed in the Company’s news release dated September 16, 2020 (the “Transaction”).

The second tranche (the “Tranche B”) did not rely on the “part and parcel exception” with respect to pricing. Under Tranche B, the Company issued 4,262,760 units (the “B-Units”) at a price of $0.23 per B-Unit, for gross proceeds of $980,434. Each B-Unit is composed of one common share of the Company and one common share purchase warrant (the “B-Warrants”). Each full B-Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.30 for a period of 12 months following the closing of the Private Placement. Net proceeds of Tranche B will be used to fund strategic initiatives and for general corporate and working capital purposes.

In connection with the Private Placement, the Company paid cash finder fees in an aggregate amount of $206,560 to Leede Jones Gable Inc., Integral Wealth Securities Limited, and Canaccord Genuity Corp., representing 5.0% of the proceeds from certain subscriptions of A-Units and B-Units sourced by such finders.

The A-Units and B-Units issued under the Private Placement shall be subject to a restrictive hold period of four months and one day from the date of issuance. The Company has received conditional acceptance of the Private Placement from the TSX Venture Exchange, but it remains subject to the TSXV's final approval.