AnalytixInsight Closes Private Placement Financing

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TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Artificial Intelligence company AnalytixInsight Inc. (TSX-V: ALY; OTCQB: ATIXF) (the “Company” or “AnalytixInsight”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”). The Company has issued 3,059,637 units (the “Units”) at a price of $0.55 per Unit for gross proceeds of $1,682,800.35. Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each, a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.75 at any time prior to October 16, 2022. The Company intends to use the net proceeds of the Offering for growth initiatives and general corporate purposes.

In connection with the Offering, AnalytixInsight paid finder’s fees of $65,015.03 in cash and issued 118,209 non-transferable finder’s warrants (“Finder’s Warrants”). Each Finder’s Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.75 at any time prior to October 16, 2022.

All securities issued in connection with the Offering are subject to a hold period expiring on February 17, 2021. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.

The Company is also pleased to announce that it has entered into a capital markets advisory agreement with Sophic Capital Inc. (“Sophic”). Sophic is a comprehensive capital markets advisory firm focused on microcap growth companies. Sophic will manage AnalytixInsight’s investor relations activities, focusing on increasing investor awareness by advancing AnalytixInsight's communications strategy with shareholders, investors, investment dealers and other financial professionals.

The agreement with Sophic is effective for a 12-month term and, subject to the prior approval of the TSX Venture Exchange, Sophic is entitled to receive (i) a monthly fee of $7,000, and (ii) 400,000 stock options. The options vest in four equal instalments over a period of 12 months and may be exercised at a price of $0.68 per option for a period of three years from the date of grant. Sophic is an arm’s length party from the Company and has an office in Toronto, Ontario. As of the date of this press release, neither Sophic nor any of its directors and officers own any securities of the Company.