Interfield Global Software Inc. Announces Amendment to Terms and Extension of Private Placement Financing

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 13, 2023 (GLOBE NEWSWIRE) — Interfield Global Software Inc. (NEO: IFSS) (the “Company”) announces an amendment to the terms and extension of the closing date of the previously announced non-brokered private placement financing (the “Offering“). The Offering will now consist of up to 8,000,000 units of the Company (the “Units“) at a price of $0.25 per Unit, for aggregate gross proceeds of up to $2,000,000 subject to increase at the discretion of the board of directors of the Company (the “Offering“). The closing date of the Offering is expected to occur on or about October 31, 2023.

Each Unit will now consist of one common share in the capital of the Company (each, a “Unit Share“) and one common share purchase warrant (each, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Warrant Share“) at an exercise price of $0.40 for a period of three years from the closing date of the Offering.

The amended terms will apply to all subscriptions. All those persons who have already executed and returned subscription agreements will automatically benefit from the amended terms and no further action is required on their part. 

The gross proceeds from the Offering will be used by the Company for general corporate and working capital. The Offering (including the amendment thereto) is subject to receipt of all applicable regulatory approvals, including the approval of Neo Exchange Inc.

The Offering will be completed pursuant to the accredited investor exemption from the prospectus requirements under applicable Canadian securities laws. The Unit Shares, Warrants and Warrant Shares issuable upon exercise of the Warrants will be subject to a statutory four month and one day hold period from the date of issue in accordance with applicable Canadian securities laws. None of the Unit Shares, Warrants and Warrant Shares issuable upon exercise of the Warrants will be registered under the United States Securities Act of 1933, as amended, or state securities laws and none may be offered or sold in the United States, except under circumstances that do not require registration under the U.S. Securities Act or any applicable state securities laws.

Steele Hemmerich, President of Interfield Global Software Inc. commented “in response to interest and positive feedback from our investors and the brokerage community, we are pleased to amend the terms of the Offering to further enhance investor returns”.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Interfield Global Software Inc.

The Company is a publicly listed company, with its common shares listed on the Neo Exchange Inc. (NEO: IFSS) and operates out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions”).

Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

ON BEHALF OF THE BOARD OF DIRECTORS

“Harold Hemmerich”

Harold Hemmerich, Chief Executive Officer & Director
Phone: +971 50 558 8349

Bruce Nurse, Investor Relations
Phone: +1 303 919 2913

Forward-Looking Statements Disclaimer and Reader Advisory

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements..

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

Neither Neo Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of Neo Exchange Inc. accepts responsibility for the adequacy or accuracy of this news release.

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