DeepSpatial Closes First Tranche of Private Placement

TORONTO, ON / ACCESSWIRE / September 14, 2023 / DeepSpatial Inc. ("DeepSpatial" or the "Company") (CSE:DSAI)(OTCQB:DSAIF), an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI, announces it has closed the first trance of its previously announced private placement. The Company issued 11,700,000 units (the "Units") at a price of $0.05 per unit to investors for gross proceeds of $585,000. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"), whereby each Warrant entitles the holder to purchase one additional common share for a period of two years from closing at an exercise price of $0.10 per share. If, following four months and a day after the closing date, the volume weighted average price of the common shares on the CSE is equal to or greater than $0.20 for any 10 consecutive trading days, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.

A finders fee of $58,500 was settled by the issuance of Units resulting in the issuance of an additional 1,170,000 Units.

The Company expects to close a second tranche of the private placement in the next couple of weeks.

Net proceeds will be used for general operations (working capital) including business development and technology upgrades. All securities issued in connection with the private placement are subject to a statutory hold period expiring four months and one day from the date of issuance of the securities.

Shares for Services

The Company also announces that in satisfaction of services rendered to the Company pursuant to a consultant agreement dated August 3, 2023, it has issued 350,000 common shares and 150,000 warrants with an exercise price of $0.12 per share for 2 years, to an arm's length consultant. The shares and warrants will be subject to a hold period expiring January 14, 2024.

About DeepSpatial

Deepspatial is an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI. From finding the most efficient supply chain routes to knowing where to develop next, Deepspatial's AI-driven platform enables its clients to visualize what's going on, predict what's coming, analyze data, and optimize processes to make smarter decisions for a better future.