Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Railtown AI Technologies Inc. (CSE: RAIL) (OTCQB: RLAIF) ("Railtown AI'', "Railtown" or the "Company") announces that it proposes to raise up to US$650,000 through a non-brokered private placement to strategic investors, primarily located in the US. The placement will consist of up to 5,416,667 units at a price of US$0.12 per unit. Each unit will consist of one common share and one-half of a common share purchase warrant of the Company, with each whole warrant exercisable for a period of 18 months from the date of closing at a price of US$0.24 per share.
Finder's fees or commissions may be payable to certain eligible persons. All securities issued in connection with the private placement to US shareholders are subject to US resale restriction, while any Canadian subscribers are subject to a 4-month hold period in Canada.
The terms of the financing are subject to applicable securities laws and regulatory approval. Additional details regarding the Offering can be found in the Form 9 filed in accordance with the rules of the Canadian Securities Exchange, a copy of which is accessible at under the Company's profile.
The gross proceeds of the private placement will be used for general working capital purposes. Closing is expected to occur by Friday June 7th, 2024.
About Railtown AI Technologies
Railtown AI, a Microsoft Partner, is a cloud-based Application General Intelligence Platform for Software Developers and Teams that practice Agile Project Management. We purposely built our Application General Intelligence Platform to help Software Developers and Agile practitioners save time on redundant tasks, improve productivity, drive down costs, and accelerate developer velocity. Railtown's proprietary AI technology, designed to enable our clients to be more productive and profitable, is accessible on Microsoft's Azure Marketplace.
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ON BEHALF OF THE BOARD
"Cory Brandolini" Cory Brandolini, Chief Executive Officer
INVESTOR CONTACT
Rebecca Kerswell
Vice President, Investor Relations and Marketing
Email: investors@railtown.ai
Phone: (604)417-4440
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may", "should", "intends", "anticipates", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
Readers are cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and readers should not place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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