VANCOUVER, BC, Jan. 19, 2021 /CNW/ - (TSXV: MVAI) – Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or "the Company"), an artificial intelligence company focused on knowledge engineering, is pleased to announce a non-brokered private placement of 966,700 units (each, a "Unit") at a price of C$0.15 per Unit, for gross proceeds of C$145,005 (the "Offering").  Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company. Each warrant is exercisable at a price of C$0.20 per share for a period of 24 months from the closing date of the Offering.  

"As a result of a very tight employee stock option pool that is available to the employees of Minerva, certain employees and the entire management and Board of Directors of the company have decided to increase their holdings through participating in a small private placement," said Scott Tillman, CEO of Minerva. "We are at a pivotal point in the evolution of our Company, where we are aggressively commercializing and growing our business, and we wanted to make sure some of our key employees that are playing a key role in this growth have their interest more aligned with the other shareholders of the Company."

Proceeds from the Offering will be used for general working capital purposes.  Once closed, the securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities legislation.  The Offering is subject to TSX Venture Exchange final approval.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Minerva Intelligence Inc.

Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.

Although Minerva's applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.

Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". All information in this release, other than information of historical facts, including, without limitation, closing of the Offering, are forward-looking information that involve various risks and uncertainties.  There is no assurance the Offering will be completed on the terms outlined above, or at all.  Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Minerva Intelligence Inc.

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