Braingrid Announces Closing of First Tranche of Pre-RTO Private Placement

Published: October 11, 2018

Braingrid Announces Closing of First Tranche of Pre-RTO Private Placement

Braingrid Corporation has closed the first tranche of its private placement of 837,500 units of Braingrid at a price of $0.80 per Unit for aggregate proceeds of $670,000. Each Unit is comprised of one common share of Braingrid and one Common Share purchase warrant. Each Warrant entitles the holder thereof to acquire one Common Share at a price of $1.00 per share for a period of 24 months from the closing of the Offering.

Braingrid expects to use the net proceeds from the Offering to enhance its proprietary technology, sales and marketing efforts and for general working capital and expenses related to the transaction with Match Capital Resources Corporation that was announced on June 6, 2018 (the “RTO”). Braingrid has received conditional approval of the RTO and expects to close the RTO by the end of October 2018.

Braingrid paid finders’ fees in an aggregate amount of $42,800, representing 8% of the gross commissionable proceeds of the Offering. In addition, Braingrid issued (i) an aggregate of 26,750 finders’ warrants (“Finders’ Warrants”), representing an amount equal to 4% of the number of Units sold pursuant to the Offering, and (ii) an aggregate of 26,750 Common Shares representing an amount equal to 4% of the number of Units pursuant to the Offering. Each Finders’ Warrant entitles the holder thereof to purchase one Common Share at a price of $1.00 per share for a period of 24 months from the closing of the Offering.

An investment in shares of Braingrid pre-RTO is subject to an indefinite hold period. However, upon completion of the RTO, the hold period will no longer be applicable and the shares will then be free-trading.

“We appreciate the continued support of our existing shareholders, many of whom participated in the Offering,” said Michael Kadonoff, CEO of Braingrid. We are also excited to welcome new shareholders to the Braingrid family as we build our business and proceed to the completion of our RTO.”

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