The artificial intelligence focused technology company said the offering consisted of 5.57 million shares of the company at a price of $0.40 per share to raise gross proceeds of $2.23 million
Railtown AI Technologies Inc revealed that it has completed its previously announced prospectus offering and successfully listed on the Canadian Stock Exchange (CSE).
The Burnaby, British Columbia-based technology company is developing a software-as-a-service (SaaS) delivered solution for software development teams that will utilize artificial intelligence (AI) to drive optimizations and deliver insights at every stage of software development
The technology company said the offering consisted of 5.57 million shares of the company at a price of $0.40 per share to raise gross proceeds of $2.23 million.
Significantly, Railtown AI’s shares were listed on the CSE on November 29, 2021, and commenced trading on the CSE under the ticker symbol “RAIL” the next day.
In connection with the offering, ROTH Canada ULC acted as lead agent and sole bookrunner. As consideration for ROTH’s services, it received a cash commission equal to 7% of the gross proceeds of the offering and the company issued to ROTH and members of its selling group, share purchase warrants to purchase shares equal to 10.0% of the aggregate number of shares issued under the offering, said the company.
The firm said each agent’s warrant is exercisable at a price of $0.40 per share until November 30, 2022. ROTH also received a corporate finance fee of $50,000 in cash and 625,000 shares.
Railtown AI describes itself on its website as “passionate” about building great products, and being founded and led by developers.
“Being an engineers-first company means that our experiences in the trenches guide us in how we build Railown AI,” said the company on its website, adding that it was “transforming” the way developers code.
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