Intelligent Cloud Resources Inc. (OTCPK:ITLL) announced that it has entered into a binding heads of agreement for private placement of 34,000,000 restricted shares at $0.029412 per share for gross proceeds of $1,000,000 on December 13, 2016. The transaction will include participation from new investor 2440499 Ontario Inc. If the transaction is not completed, then the investor will pay fee to the company for its services. The company expects to complete the transaction within 12 months from the date of signing the agreement. The term of the agreement is initially for 90 days and is subject to renewal thereof upon mutual agreement. Rehan Saeed represented the company and Michael Paul represented the investor in the transaction.