17:52:34 EDT Fri 12 Aug 2022
Enter Symbol
or Name

Atlas Cloud Enterprises Inc
Symbol AKE
Shares Issued 16,375,500
Close 2017-11-15 C$ 0.45
Recent Sedar Documents

Atlas Cloud arranges $14M financing, appoints CFO

2017-11-15 19:58 ET - News Release

Mr. Fred Stearman reports


Atlas Cloud Enterprises Inc. intends to complete a non-brokered private placement offering of up to 40 million units at a price of 35 cents per unit for gross proceeds of up to $14-million. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant, with each warrant exercisable into one additional share at a price of 75 cents for a period of 24 months from the date of closing.

Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The offering is not subject to a minimum aggregate amount of subscriptions.

The company will make the offering available to certain subscribers pursuant to British Columbia Instrument 45-536, Exemption From Prospectus Requirement for Certain Distributions Through an Investment Dealer.

In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the company that has not been generally disclosed.

Finders' fees may be paid to qualified arm's-length parties in connection with the offering. The company intends to use the net proceeds from the offering as follows: $5-million will be used for the acquisition of a geophysical redundancy facility for backup and archiving that is two seismic grids away with access to subthree-cent-per-kilowatt-hour electricity; $2-million will be used for research and development (R&D) for secure blockchain storage and backup/archiving products; $1-million will be used for secure, traceable media hosting and streaming products; $2-million will be used for production and development servers; $1-million will be used for hiring operational, security and network teams; and the remaining amount will be used for general corporate purposes and future working capital.

In addition, the company announces the appointment of Yana Popova as chief financial officer, director and audit committee member, filling the vacancy created by the resignation of Laurie Sadler as CFO, director and audit committee member. The company would very much like to thank Mr. Sadler for his service to the company and wishes him all the best in his future endeavours.

We seek Safe Harbor.

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