TORONTO, Sept. 19, 2023 /CNW/ - NetraMark Holdings Inc. (the "Company" or "NetraMark") (CSE: AIAI) (OTCQB: AINMF) (Frankfurt: 8TV), is pleased to announce that it has closed its previously announced private placement for gross proceeds of $2,000,000 (the "Offering"). Netramark issued 10,000,000 units (each, a "Unit") under the Offering at a price of $0.20 per Unit, with each Unit consisting of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles its holder to acquire one common share at a price of $0.35 for a period of two years from the closing date of the Offering. After the first anniversary of the issuance of the Warrants, the Company may accelerate the expiry date of the Warrants if the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange is at or greater than $1.00 for ten (10) consecutive trading days.
In connection with the closing of the Offering, the Company paid a finder's commission in the aggregate amount of $108,000 and issued 540,000 Warrants (each, a "Broker Warrant"). The Broker Warrants have identical terms as the Warrants.
The Broker Warrants issued by the Company in connection with the Offering will be subject to a 4-month and a day "hold period" expiring January 22, 2023, as prescribed by applicable securities laws.
As a result of closing the Offering, there are 65,407,747 Common Shares of NetraMark issued and outstanding.
NetraMark intends to use the net proceeds from the Offering towards working capital and general corporate purposes, to achieve certain business objectives and for business advertising and marketing.
NetraMark is a company focused on being a leader in the development of Artificial Intelligence (AI) / Machine Learning (ML) solutions targeted at the Pharmaceutical industry. Its product offering uses a novel topology-based algorithm that has the ability to parse patient data sets into subsets of people that are strongly related according to several variables simultaneously. This allows NetraMark to use a variety of ML methods, depending on the character and size of the data, to transform the data into powerfully intelligent data that activates traditional AI / ML methods. The result is that NetraMark can work with much smaller datasets and accurately segment diseases into different types, as well as accurately classify patients for sensitivity to drugs and / or efficacy of treatment.
For further details on the Company please see the Company's publicly available documents filed on the System for Electronic Document Analysis and Retrieval (SEDAR).
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including statements regarding the use of proceeds which is based upon NetraMark's current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. The forward-looking statements are expectations only and are subject to known and unknown risks, uncertainties and other important factors that could cause actual results of the Company or industry results to differ materially from future results, performance or achievements. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, NetraMark does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. New factors emerge from time to time, and it is not possible for NetraMark to predict all such factors.
When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements as set out in the materials we file with applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com including our Management's Discussion and Analysis for the year ended September 30, 2022. These risk factors and other factors could cause actual events or results to differ materially from those described in any forward-looking information.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE NetraMark Holdings Inc.
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