EQ Inc. (TSXV:EQ) announced a non-brokered private placement of 1,384,615 common shares at CAD 0.65 per share for gross proceeds of CAD 900,000 on December 31, 2018. The securities to be issued are subject to a hold period of four months and one day, expiring May 1, 2019. The transaction is subject to the final approval of the TSX Venture Exchange.

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.