Carl Data Solutions Inc. announced a non-brokered private placement of up to 19,333,333 units at a price of CAD 0.15 per unit for gross proceeds of CAD 2,900,000 on January 27, 2021. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one share for a period of two years from the date of issuance at an exercise price of CAD 0.25 per share.

The warrant expiry date may, at the company's option, be accelerated at any time after the date that is four months and one day following the closing date provided that the shares have closed at a price of CAD 0.55 or higher for a period of 15 consecutive trading days on the Canadian Securities Exchange, provided that the company disseminates a press release providing notice of its intention to accelerate the warrant expiry date; and the accelerated warrant expiry date is not earlier than the 30th day after the date of dissemination of such press release. All securities issued by the company will be subject to a hold period of four months plus one day. The private placement is subject to receipt of all necessary approvals, including board approval and the approval of the Canadian Securities Exchange.