EXO U Inc (TSXV:EXO) announced a non-brokered private placement of up to 20,000,000 units at CAD 0.10 per unit for gross proceeds of up to CAD 2,000,000 on February 10, 2016. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.15 per share for a period of 24 months from the closing.

The warrants will be subject to an accelerated expiry if, at any time after the four-month hold period expires, the closing price of the common shares on the TSX Venture Exchange exceeds CAD 0.30 for 20 trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The warrants will be exercisable by the holder during the 30-day period between the notice and the expiration of the warrants. The securities to be issued are subject to a hold period of four months from the date of issuance.

The transaction will include participation from Hypertechnologie Ciara Inc. for CAD 500,000. The transaction is expected to close on or about February 29, 2016. The transaction is subject to approval of TSX Venture Exchange.