VANCOUVER, BC, April 23, 2021 /CNW/ - Minerva Intelligence,
Inc. (TSXV: MVAI) ("Minerva" or the "Company")
announces the closing of its previously announced private placement
(see news release dated February 17,
2021) for gross proceeds of $180,000 (the "Private Placement"). These funds
were raised by the Company issuing 1,200,000 units at a price of
$0.15 per unit, each unit consisting
of one common share and one common share purchase warrant entitling
the holder to purchase one additional common share at a price of
$0.20 until March 24, 2023.
All securities issued on closing of the Private Placement are
subject to a hold period under applicable Canadian securities laws
expiring on July 25, 2021.
An officer and director of the Company participated in the
Private Placement for 196,600 units. This participation constitutes
a "related party transaction" for the purposes of TSX Venture
Exchange Policy 5.9 and Multilateral Instrument 61-101,
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying upon
exemptions from the requirements to obtain a formal valuation and
seek minority shareholder approval for the related person's
participation in the Private Placement on the basis that the fair
market value of the related party's participation in the Private
Placement is less than 25% of the Company's current market
capitalization.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a knowledge engineering company
based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Their proprietary evidence-based
decision-making software is bringing the benefits of artificial
intelligence technology to industries dependent on reasoning with
complex technical and scientific data.
Although Minerva's applications currently focus on earth
science-related domains including natural hazards and mineral
exploration, their technology has application in diverse industries
and domains.
Minerva's common shares are currently listed on the TSX Venture
Exchange (symbol MVAI). For further details, please refer to
their website www.minervaintelligence.com or follow Minerva
on Twitter or LinkedIn.
SOURCE Minerva Intelligence Inc.
