AirIQ Inc. (TSXV:IQ) announced a non brokered private placement for gross proceeds of CAD 485,000 December 12, 2013. The company will issue 7,700,000 common shares at CAD 0.05 per share for gross proceeds of CAD 385,000 and receive CAD 100,000 as loan from existing investor Mosaic Capital Partners. The loan will bear 1 15% interest and will mature in 18 months from the date of issuance.

The company will issue warrants to purchase 500,000 shares of the company at an exercise price of CAD 0.05 per share for a period of 10 years. The company will pay a placement fee of CAD 5,000 to Mosaic Capital Partners. The company anticipated participation from insiders for more than 25% of the transaction.

The securities to be issued in the transaction will be subject to a hold period of four months from the date of closing.