iLOOKABOUT Sells Its Shares In a $5 Million Deal
The company will use the money to invest in the development of new products, but also to improve its position for other market opportunities.
Ontario-based iLOOKABOUT Corp. has announced the new agreement with the group of underwriters led by one of the leading independent services firm Canaccord Genuity Corp.
According to the new deal, Canaccord Genuity will buy 20 million shares of the company. With each share costing $0.25, the total value of the acquisition will be $5 million.
A Lucrative Deal
The agreement specifies that up to 3 million shares can be bought in 30 days after the $5 million transaction is completed. If this option is used, the value of the transaction will reach the amount of $5.75 million. The agreement says the whole deal should be finalized by May 17 at the latest.
ILOOKABOUT will use the money to invest in the development of new products, but also to improve the company’s position for other market opportunities. These ‘opportunities’ include potential acquisitions in the future but may also refer to corporate affairs in general.
The shares will be offered via short form prospectus and will be available in all the Canadian provinces and territory, except Quebec.
iLOOKABOUT is a visual and data analytics company, based in London, Ontario. The company is focused on real property, offering its services when it comes to property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private, throughout North America.
iLOOKABOUT developed a proprietary software called StreetScape and web application GeoViewPort, which put together all property-related data and offer the possibility of reviewing properties using any desktop device.
Another powerful piece of software is Real Proper Tax Analytics, which is very popular in the real estate industry. Finally, the company offers real estate consulting services, primarily focused on property tax and valuation.