It appears that we had some timely reporting this morning. Following our coverage on Gatekeeper Systems Inc (TSXV: GSI), the company has upsized its private placement that was announced August 26. The financing will see the company raise $6 million, a 20% increase from the original target size of $5 million as a result of increased interest.
The increased private placement is good news for Gatekeeper, whom will use the additional proceeds to accelerate the sales and delivery of its intelligent temperature sensing systems. The systems have been designed to efficiently measure the body temperature of children as they board school buses, which will attempt to alleviate the spread of illness among the student body and community as a whole.
The contactless system can identify body temperatures in as little as 20 milliseconds via thermal cameras, which have been coupled with AI and video analytics. Both video and audio alarms are triggered should certain pre-defined thresholds be exceeded by anyone boarding the vehicle, with accuracy being within 0.5 degrees Celsius.
Originally, the private placement was intended to fund growth initiatives and general corporate purposes.
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Under the terms of the upsized placement, Gatekeeper will sell 6.0 million units at a price of $1.00 per unit. Each unit will consist of one common share and one common share purchase warrant, with an exercise price of $1.10 for a period of twenty four months following the close of the financing. The warrants are also subject to an acceleration clause, should the equity trade of $1.35 for ten consecutive sessions.
Gatekeeper Systems last traded at $0.82 on the TSX Venture.
Information for this briefing was found via Sedar and Gatekeep Systems Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
