January 19, 2021

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 Statesor 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 (symbol MVAI).  

For further details, please refer to their website (www.minervaintelligence.com). 

For further information:

Dan Vroon  
Business Development Manager, Minerva Intelligence
(604) 620-1051  
dvroon@minervaintelligence.com 

Virtus Advisory Group 
Investor Relations 
(416) 644-5081  
info@virtusadvisory.com 

Cautionary Note Regarding Forward-Looking Statements 

 Forward Looking Information: This news release includes certain information that may be deemed “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. 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.