BrandPilot AI Raises CA$631,500 Via Non-Brokered Private Placement
BrandPilot AI (BPAI.CN) closed its non-brokered private placement of units after raising CA$631,500, it said in a statement on Tuesday.Shares of the company were last seen up 20% at CA$0.03 on the Canadian Securities Exchange.The offering consisted of 31.6-million units. Each unit is priced at CA$0.02 and consists of one common share and one two-year warrant, with each warrant entitling the holder to buy a share for CA$0.05, subject to acceleration."The proceeds of this placement are largely earmarked for product development and marketing," said BrandPilot AI Chief Executive Officer Brandon Mina.The marketing technology company also entered into agreements with certain creditors to settle an aggregate of CA$191,637 of indebtedness through the issuance of an aggregate of 9.6-million units on the same terms as the offering, it said. BrandPilot AI agreed to issue 146,850 units, representing CA$2,937 of indebtedness, to 2674779 Ontario Inc., an entity controlled by Brian Presement, a director of the company.
