Datametrex Announces Extension and Closing of the Second Tranche of Its Non-Brokered Private Placement Financing

Rhea-AI Summary

Datametrex AI (TSXV: DM) (OTC Pink: DTMXF) has been granted a 30-day extension until August 29, 2024, to complete its non-brokered private placement of up to 75,000,000 units for total gross proceeds of up to $1,500,000. The company has successfully closed the first tranche of $645,000 and the second tranche of $311,409.29. Each unit consists of one common share and one warrant, with each warrant exercisable at CAD $0.05 for two years.

The net proceeds will be used for general corporate and working capital purposes. CEO Charles Park expressed satisfaction with the progress of the financing, stating it demonstrates investor confidence in the company's vision and capabilities.

Positive

• Successful closing of first tranche raising $645,000
• Closing of second tranche raising $311,409.29
• No finder's fees incurred in the second tranche financing
• Potential to raise up to $1,500,000 in total

Negative

• Extension needed to complete the private placement
• Dilution of existing shareholders due to issuance of new shares
• Low warrant exercise price of CAD $0.05 per share

Toronto, Ontario--(Newsfile Corp. - July 30, 2024) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTC Pink: DTMXF) (the "Company" or "Datametrex") is pleased to announce that it has been granted an extension to complete its previously announced (June 13, 2024, and July 3, 2024) non-brokered private placement of up to 75,000,000 units ("Units") for total gross proceeds of up to $1,500,000 (the "Private Placement"). The extension is for 30 days, with a new deadline of August 29, 2024. Each Unit comprises one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share at an exercise price of CAD $0.05 for a period of two (2) years from the date of issuance.

The Company successfully closed the first tranche of the Private Placement, consisting of 32,275,000 Units ($645,000), on July 3, 2024. Additionally, Datametrex is pleased to announce the closing of the second tranche, raising gross proceeds of $311,409.29 through the issuance of 15,570,465 Units at a price of $0.02 per Unit. No finder's fees were incurred in connection with this financing.

In connection with the Private Placement, the Company may pay finders' fees amounting to up to 8% in cash and 8% in broker warrants of the total proceeds raised. The net proceeds from the Private Placement will be used for general corporate and working capital purposes. The Common Shares and Warrants issued pursuant to the Private Placement will be subject to a four-month and one-day hold period required under applicable securities laws. The Private Placement is subject to acceptance by the TSX Venture Exchange.

Charles Park, CEO of the Company, commented, "We are very pleased with the progress of our private placement financing. The strong support from our investors underscores their confidence in our strategic vision and operational capabilities. This funding will be instrumental in advancing our corporate initiatives and driving growth. We remain committed to delivering value to our shareholders and achieving our business objectives."

The securities offered have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Datametrex

Datametrex is an innovative leader in Technology Solutions, Artificial Intelligence, Healthcare, and Mobile Gaming. The Company excels in delivering tools and solutions that enhance operational efficiencies and business outcomes. With a commitment to innovation, Datametrex is dedicated to supporting enterprises by setting a new standard for business protocols through cutting-edge technology.

For more on Datametrex, please visit our YouTube channel and Company website.

For Additional Information

Charles Park, CFA
Chief Executive Officer & Director
cpark@datametrex.com
(416) 901-5611 x203

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Datametrex's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Such statements include those relating to game development and the Company's expectations and plans. Although Datametrex believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the blockchain sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mobile video game industry and markets in Canada and generally; the ability of Datametrex to implement its business strategies; competition; and other assumptions, risks and uncertainties. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in Datametrex's management's discussion and analysis for the year ended December 31, 2023 which is available on Datametrex's profile at http://www.sedarplus.ca.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.

We seek Safe Harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218308

FAQ

What is the new deadline for Datametrex's private placement financing?

The new deadline for Datametrex's private placement financing is August 29, 2024, following a 30-day extension.

How much has Datametrex (DTMXF) raised so far in its private placement?

Datametrex has raised a total of $956,409.29 so far, with $645,000 from the first tranche and $311,409.29 from the second tranche.

What is the exercise price and duration of the warrants issued in Datametrex's private placement?

The warrants have an exercise price of CAD $0.05 and are valid for a period of two years from the date of issuance.

How will Datametrex (DTMXF) use the proceeds from the private placement?

Datametrex will use the net proceeds from the private placement for general corporate and working capital purposes.