SuperQ closes $3.45-million offering

Executive Summary

• SuperQ Quantum Computing Inc. has closed a brokered life financing offering of $3,450,000, including the full exercise of the agent's overallotment option.
• The company issued 3,285,713 units at a price of $1.05 per unit, with each unit comprising one common share and one share purchase warrant.
• Net proceeds will be utilized for quantum hardware development (human resources, lab facilities, software, equipment), research, product development, and general working capital.

Key Details

• Gross Proceeds: $3,450,000 (including full exercise of overallotment option).
• Units Issued: 3,285,713 units.
• Price Per Unit: $1.05.
• Underwriter/Agent: Hampton Securities Ltd.
• Commission: Hampton received a cash commission equal to 7% of gross proceeds.
• Broker Warrants: Non-transferable broker warrants equal to 7% of the number of units issued were granted to Hampton.
• Warrant Terms (Investors): Each unit includes one share purchase warrant entitling the holder to acquire one additional share at $1.40 per share.
• Warrant Expiry (Investors): 36 months from the closing of the offering.
• Broker Warrant Terms: Each broker warrant is exercisable to acquire one share at the issue price ($1.05).
• Broker Warrant Expiry: 36 months from the closing of the offering.
• Hold Periods:
  • Units: Not subject to a hold period under applicable Canadian securities laws.
  • Broker Warrants: Subject to a hold period of four months and one day from closing.
• Use of Proceeds: Quantum hardware development (human resources, lab facilities, software, equipment), research, product development, and general working capital.
• Regulatory Basis: Sold pursuant to Part 5A of National Instrument 45-106, as amended by Coordinated Blanket Order 45-935.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.