12:38:21 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



iLookabout Corp
Symbol ILA
Shares Issued 85,011,784
Close 2019-04-02 C$ 0.20
Market Cap C$ 17,002,357
Recent Sedar Documents

iLookabout to acquire Clarocity's operating assets

2019-04-02 18:08 ET - News Release

Also News Release (C-CLY) Clarocity Corp

Mr. Gary Yeoman of iLookabout reports

ILOOKABOUT TERMINATES NON-BINDING TERM SHEET AND ENTERS INTO AGREEMENT WITH CREDITORS TO PURCHASE THE OPERATING ASSETS OF CLAROCITY CORPORATION

iLookabout Corp. has terminated the non-binding term sheet with Clarocity Corp. and StableView Asset Management Inc. as detailed in iLookabout's previously issued press release dated Nov. 16, 2018. StableView, as the principal holder of debentures and the lender representative under the several trust indentures, intends to begin enforcement proceedings of its debentures to enforce the security underlying the operating assets. As a result, iLookabout and StableView have signed a letter agreement for the acquisition by iLookabout of Clarocity's operating assets, which include the Clarocity Inc., Valuation Vision Inc. and Clarocity Valuation Services LLC businesses. The bridge loan and promissory note provided by iLookabout to Clarocity will remain in place and outstanding.

"For ILA, this continues to be a strategic acquisition for the future growth of ILA. Strategically, the acquisition allows iLookabout to accelerate its growth plan in the United States by leveraging Clarocity's national sales team and cross-selling into their Tier 1 clients, while fast-tracking our innovation agenda with its modern valuation platform," said Gary Yeoman, chief executive officer of iLookabout.

As of today, iLookabout has advanced loans in the amount of $932,000 (Canadian) and $600,000 (U.S.) to Clarocity pursuant to a promissory note issued by Clarocity, which bridge loan has been used by Clarocity to reduce Clarocity's working capital deficiency, which remains in place and outstanding. The bridge loan is senior, secured and payable on demand. The bridge loan ranks in priority to Clarocity's existing secured debentures, but iLookabout has agreed to certain enforcement-related standstills in favour of the existing secured debentures.

The proposed transaction is subject to a number of conditions precedent, including, but not limited to: execution of a definitive agreement, and the receipt of all necessary shareholder, board, regulatory and third party approvals.

The consideration for the proposed transaction is the same as previously described in the press release of iLookabout dated Nov. 16, 2018, except the consideration shall all be paid directly to the debentureholders.

The exclusivity agreement between iLookabout, Clarocity and StableView will continue to be in place while working toward closing the proposed transaction.

About iLookabout Corp.

iLookabout is a software, data analytics, data aggregation and visual intelligence company, focused on real property. iLookabout primarily serves the property assessment, property taxation, municipal, insurance and appraisal sectors, both public and private, in North America. iLookabout provides powerful data analytics to the real estate industry through its real property tax analytics software offering. iLookabout has integrated analytics and workflow management applications into GeoViewPort, which creates highly valued service offerings for its clients.

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