SPARC AI Closes Private Placement to Develop an AI Microchip
December 8, 2023 – TheNewswire - Toronto, Canada – SPARC AI INC. (CSE:SPAI) (OTC:EGTTF) (Frankfurt:5OV0) (“SPAI” or the “Company”) is pleased to announce it had received oversubscribed demand and closed its private placement offering of 3,389,777 common shares of the Company (“Shares”) for gross proceeds of Canadian $371,875. The Offering was completed at $0.11 per share. All securities issued pursuant to the private placement will be subject to a hold period of four-months and one day from the date of issuance under applicable securities laws, April 9, 2024. No finder’s fees were paid with connection to this non-broker private placement.
The private placement was oversubscribed with strong demand from accredited investors. All directors of the Company have supported the private placement by taking 44% of the allocation. Anoosh Manzoori subscribed to 1,000,000 shares, Justin Hanka subscribed to 72,727 shares and Anthony Haberfield subscribed to 403,927 shares.
The funds raised will be used to embed the SPARC patented code and algorithms into a microchip. The development will take approximately four months to complete and result in the Company launching a powerful geospatial AI microchip that can be easily installed on drones for security, surveillance, search and rescue and reconnaissance activities. The development of the AI microchip will be carried out by a highly experienced engineering firm and SPARC AI will retain all intellectual property rights to all existing and new code, systems, processes, and knowhow.
The Company will provide progress updates and host a launch event in the first quarter of 2024.
For more information contact:
Investor Presentation: Click Here
Anoosh Manzoori, CEO
SPARC AI INC.
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FORWARD LOOKING INFORMATION
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