Vancouver, British Columbia--(Newsfile Corp. - May 10, 2024) - InsuraGuest Technologies, Inc. (TSXV: ISGI) (OTCQB: ISGIF) ("InsuraGuest" or the "Company"). The company announces that The Rights Offering that expired on April 29, 2024 was fully subscribed. 65,048,925 rights have been exercised for gross proceeds of approximately $813,111.
Douglas Anderson the guarantor under the rights offering will be issued a warrant to purchase 311,209 common shares at a price of $0.05 per share expiring 5 years from the date of issuance in consideration of providing the guarantee. Although Mr. Anderson was not required to purchase any shares other than his minimum subscription of 19,216,166 under the guarantee, because the minimum subscription for the offering was met, he exercised his oversubscription rights and purchased an additional 19,118,309 shares to ensure the offering was fully subscribed. Mr. Anderson now holds a total of 52,852,605 common shares of the company. 19,100,864 directly and 33,751,741 indirectly representing 31% of the 170,533,822 common shares issued and outstanding.
A total of $2,790 USD representing proceeds of 300,000 rights subscribed for by the recently appointed Company director Paul Skene is being held in escrow pending approval by the TSXV of Mr. Skene's personal information form as that portion would make him a greater than 10% shareholder.
InsuraGuest Technologies Inc.
Harnessing the Power of Technology to Reinvent Insurance
InsuraGuest Technologies (TSXV: ISGI) (OTCQB: ISGIF) is an insurtech (insurance+technology) company that is disrupting the insurance landscape by utilizing its proprietary software platform to deliver digital insurance to multiple sectors. We are transforming the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
CA/LIC: 6001686
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Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. There is no assurance that this new business product offering or other planned products will be successful. The insurance industry is intensely competitive in the business owner policy sector, and the Company's competitors have significantly more resources than the Company. Acceptance by potential customers is difficult to predict, particularly in the case of new products and disruptive technologies. If the Company fails to achieve market acceptance it will significantly impact its results and financial resources. Achieving market acceptance may require advertising budgets that exceed the Company's current resources and require the Company to seek additional debt or equity financing. There is no assurance that such financing will be available at reasonable prices or at all.
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.
Company Contact:
Investor Relations
Investor@InsuraGuest.com
