EQ Inc. announced that it expects to receive CAD 0.9 million in funding from N1 Technologies Inc.
On the same date, the company has issued 1,077,240 common shares for gross proceeds of CAD 700,206 in its first tranche closing of the transaction. The company is expected to close the second tranche in January 2019. The transaction included participation from 17 placees including Vernon Lobo, chairman and a director of the company for 6,816 shares for CAD 4,430.4, Paul Hill, director of the company for 76,923 shares for gross proceeds of CAD 49,999.95, N1 Technologies Inc. (OTCPK:NTCH.F) for 58,580 shares for gross proceeds of CAD 38,077, and Geoffrey Rotstein, chief executive officer and a director of the company for 17,039 shares for gross proceeds of CAD 11,075.35. TSX Venture Exchange has accepted for filing documentation with respect to the transaction.