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EYEFI Group Technologies Inc ( (TSE:SPAI) ) has shared an announcement.
SPARC AI Inc. plans to raise up to $2.2 million through a non-brokered private placement of 1,571,428 units at $1.40 each, with each unit comprising one common share and one warrant exercisable at $1.80 for 24 months, subject to an acceleration clause if shares trade above $3.00. The financing, which will see CEO Anoosh Manzoori participate and may involve finder fees, will support development of the Overwatch platform, commercialization efforts, and general working capital, and will be conducted under the listed issuer financing exemption in most Canadian provinces and other qualifying jurisdictions, with the resulting securities freely tradable in Canada upon closing.
The Company will make an offering document available on SEDAR+ and its website for prospective investors to review before participating in the private placement. Completion of the financing remains subject to regulatory approvals, underscoring the company’s push to strengthen its balance sheet and accelerate the rollout of its defence-focused AI navigation solutions in GPS-denied environments.
More about EYEFI Group Technologies Inc
SPARC AI Inc. is a defence technology company focused on solving navigation and targeting challenges for autonomous systems when GPS is unavailable. Its AI-powered, software-only platform upgrades low-cost inertial sensors in commercial drones into precision instruments, enabling GPS-denied target acquisition and navigation at scale for fleets ranging from single units to thousands.
Average Trading Volume: 81,954
Technical Sentiment Signal: Buy
Current Market Cap: C$33.12M
See more data about SPAI stock on TipRanks’ Stock Analysis page.