TSX Venture Exchange
Trading Symbol: EYC
TORONTO, May 11, 2016 /CNW/ - Eyecarrot Innovations Corp
(TSX-V: EYC) ("The Company") is pleased that the previously
announced (see May 5th
Press Release) $1,600,000 fully
subscribed non brokered private placement has now been closed. The
Company issued a total of 4,037,500 common shares at $0.40 per share, for total gross proceeds of
$1,615,000.
The proceeds from the Private Placement will be used for the
furtherance of the Company's business plan. The Company thanks
those that participated in the Private Placement.
All securities issued in connection with the Private Placement
are subject to a four month hold period expiring on September 11, 2016. Further restrictions may
apply to certain subscribers under foreign securities
laws.
Insiders participated in the Private Placement acquiring an
aggregate of 625,000 shares on the same basis as other subscribers.
The participation in the Private Placement by insiders of the
Company constitutes a "related party transaction" as such term is
defined under Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101").
The Company is relying on exemptions from the formal valuation and
minority approval requirements under MI 61-101. The Company relied
on Section 5.5(a) of MI 61-101 for an exemption from the formal
valuation requirement and Section 5.7(1)(a) of MI 61-101 for an
exemption from the minority shareholder approval requirement of MI
61-101 as the fair market value of the transaction insofar as the
transaction involved interested parties did not exceed 25% of the
Company's market capitalization.
A material change report in connection with the Private
Placement will be filed less than 21 days before the closing of the
Private Placement. This shorter period is reasonable and necessary
in the circumstances as the Company wished to complete the Private
Placement in a timely manner.
About Eyecarrot
Eyecarrot is building the BinoviTM Cloud, a universal
system for testing and measuring a human's Oculomotor Sensory
System and connects patients, vision care practices and specialized
vision performance centers of excellence on a common data and
technology platform. Follow our story and learn more on our updated
website, www.eyecarrot.com
On behalf of the Board of Directors
Adam Cegielski
President | CEO
Telephone: 1.855.416.7158 - 416.943.6271
Forward looking information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws. Forward-looking information is based on
plans, expectations and estimates of management at the date the
information is provided and is subject to certain factors and
assumptions, including, that the Company's financial condition and
development plans do not change as a result of unforeseen events
and that the Company obtains regulatory approval. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result
in delays, or cessation in planned work, that the Company's
financial condition and development plans change, and delays in
regulatory approval, as well as the other risks and uncertainties
applicable to the Company as set forth in the Company's continuous
disclosure filings filed under the Company's profile at
www.sedar.com . The Company undertakes no obligation to update
these forward-looking statements, other than as required by
applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Eyecarrot Innovations Corp.