DENVER and VANCOUVER, British Columbia and TORONTO, Jan. 20, 2023 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) LITE SPLTF (Frankfurt: 87A) further announces the dated press release January 12, 2023, it has completed an offering of 5,000,000 units of the Company (the “Offering Units”) at a price of C$0.10 per Offering Unit for gross proceeds of $500,000. Each offering consisted of one (1) common share and one common share purchase warrant, with each whole common share purchase warrant to purchase one additional common share for a period of two years after closing at a price of $0.12 (the “Offering”).

The Company intends to use all net proceeds from the Offering to support its traceability, traceability and supply chain sustainability initiatives in its core industries. The company will increase its sales pipeline development and marketing initiatives, expand its solution development to support new opportunities in its core industries, and accelerate growth through the continued expansion of its partner network. Finders’ fees in the amount of 120,000 warrants to purchase common shares on the same terms set forth above were issued to qualified parties in connection with the offering.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering Units have been offered for sale to purchasers residing in Canada (other than Quebec) and/or other qualified jurisdictions under the exemption for public issuer funding under Part 5A of NI 45-106 (the “Public Issuer Funding Exemption”). As the offering was completed pursuant to the financing exemption for listed issuers, any securities issued will not be subject to a hold period under applicable Canadian securities laws.

The offer document relating to this offer, which can be accessed under the company’s profile at www.sedar.com and on the SpotLite360 website at http://www.spotlite360.com/. Interested…