SPARC AI Announces Private Placement Closing

Core Points - SPARC AI Inc. has successfully closed a non-brokered private placement, issuing 1,572,976 Units at a price of $0.21 per Unit, resulting in gross proceeds of $330,325 [1] - The net proceeds from the Offering, amounting to $311,899 after finder's fees, will be utilized for the development of the Company's Target Acquisition System and for general corporate purposes [1][3] Summary by Sections Offering Details - Each Unit consists of one common share and one common share purchase warrant, with each Warrant allowing the purchase of one common share at $0.28 until September 26, 2028 [2] - The Offering included 1,048,651 Units issued under the Listed Issuer Financing Exemption and 524,325 Units under the Accredited Investor Exemption [4] Use of Proceeds - The net proceeds will be directed towards advancing the development of the Target Acquisition System, enhancing features for defense applications, product marketing, tradeshows, demonstrations, and general working capital [3] Company Overview - SPARC AI Inc. specializes in high-tech solutions for GPS-denied environments, focusing on innovative systems for drones that do not rely on complex hardware or software solutions [5]