Mr. Gary Yeoman reports

ILOOKABOUT ANNOUNCES CLOSING OF $8 MILLION PRIVATE PLACEMENT

Further to the company's news release issued on Sept. 16, 2020, iLookabout Corp. has closed its non-brokered private placement of units of the company, for aggregate gross proceeds of approximately $8-million. The private placement was completed in two tranches.

The first tranche relied on the part-and-parcel exception with respect to pricing. Under tranche A, the company issued 46,648,200 units (the A units) at a price of 15 cents per A unit, for gross proceeds of $6,997,230. Each A-unit is composed of one common share of the company and one-half common share purchase warrant. Each full A warrant entitles the holder thereof to acquire one common share of the company at a price of 25 cents for a period of 12 months following the closing of the private placement. Net proceeds of tranche A will be used to finance the cash consideration with respect to the acquisition of the assets of Starcap Marketing LLC (doing business as Apex Software) as disclosed in the company's news release dated Sept. 16, 2020.

The second tranche did not rely on the part-and-parcel exception with respect to pricing. Under tranche B, the company issued 4,262,760 units (the B units) at a price of 23 cents per B-unit, for gross proceeds of $980,434. Each B unit is composed of one common share of the company and one common share purchase warrant. Each full B warrant entitles the holder thereof to acquire one common share of the company at a price of 30 cents for a period of 12 months following the closing of the private placement. Net proceeds of tranche B will be used to finance strategic initiatives and for general corporate and working capital purposes.

In connection with the private placement, the company paid cash finder fees in an aggregate amount of $206,560 to Leede Jones Gable Inc., Integral Wealth Securities Ltd. and Canaccord Genuity Corp., representing 5.0 per cent of the proceeds from certain subscriptions of A units and B units sourced by such finders.

The A units and B units issued under the private placement shall be subject to a restrictive hold period of four months and one day from the date of issuance. The company has received conditional acceptance of the private placement from the TSX Venture Exchange, but it remains subject to the TSX-V's final approval.

Peter Hyde, a director of the company, indirectly subscribed for 2.9 million A units and 282,609 B units under the private placement on the same terms as arm's-length investors. The participation of Mr. Hyde in the private placement constitutes a related-party transaction for the purposes of Multilateral Instrument 61-101. The company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the private placement under sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities issued to Mr. Hyde nor the fair market value of the consideration for the securities issued to Mr. Hyde exceeds 25 per cent of the company's market capitalization as calculated in accordance with MI 61-101. The company did not file a material change report more than 21 days before the expected closing date of the private placement as the aforementioned insider participation had not been confirmed at that time and the company wished to close the private placement as expeditiously as possible.

About iLookabout Corp.

iLookabout is a transformational data analytics organization that provides transparency to the valuation of real estate assets. iLookabout is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. The company's proprietary innovative platform provides software and data licences and technology managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in the United States and Canada. Accurate data and property valuations form the basis for its clients to value assets, fund loans, securitize portfolios, and to analyze and update property tax assessments. As a fully integrated valuation technology company, the company is setting new standards in real estate valuation quality and reliability. The company is a brand built on innovation, execution, accuracy, industry expertise, and forward-looking products and services.

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