iLOOKABOUT Announces Closing of $8 Million Private Placement - Seite 2

Peter Hyde, a director of the Company, indirectly subscribed for 2,900,000 A-Units and 282,609 B-Units under the Private Placement on the same terms as arm's length investors. The participation of Mr. Hyde in the Private Placement constitutes a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Private Placement under Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued to Mr. Hyde nor the fair market value of the consideration for the securities issued to Mr. Hyde exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the Private Placement as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Private Placement as expeditiously as possible.

All amounts referenced herein are in Canadian dollars.

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