iLOOKABOUT Corp. Announces Second Closing of Private Placement

LONDON, ONTARIO, Jul 13 (MARKET WIRE) --
iLOOKABOUT Corp. (TSX VENTURE: ILA) ("iLOOKABOUT" or the "Company")
announced today that, further to the Company's news releases issued on
May 29, 2009 and July 3, 2009, it closed the second and final tranche of
its brokered private placement (the "Private Placement") for up to
6,250,000 Units of the Company at a price of $0.40 per Unit. Each Unit
consists of one common share of the Company and one-half of one common
share purchase warrant. Each whole warrant entitles the holder to
purchase one common share of the Company for a period of twelve months
from the date of issuance at an exercise price of $0.55.

The initial closing resulted in the receipt by the Company of gross
proceeds of $1,155,500 from the sale of 2,888,750 Units, and the second
closing resulted in gross proceeds of $1,043,200 from the sale of
2,608,000 Units. The Private Placement is subject to final TSX Venture
Exchange acceptance for filing. There will be a hold period of four
months on all securities issued under this financing. Net proceeds of the
Private Placement will be used to pursue growth opportunities which may
include the capture of additional streetscape image-data, increased sales
and marketing efforts, expansion of capital infrastructure and for
general corporate and working capital purposes.

The Company engaged MGI Securities Inc. ("MGI") to act as its agent in
respect of the financing. MGI received a cash commission equal to 8% of
the gross proceeds of the Private Placement and a work fee of $10,000,
and options to acquire 8% of the aggregate number of Units sold under the
Private Placement at an exercise price of $0.40 for a period of
twenty-four months from the closing date of the Private Placement.

About iLOOKABOUT

iLOOKABOUT is a visual data intelligence company serving commercial
enterprise in the real estate, insurance, municipal, utility, assessment
and appraisal sectors in North America and Europe. iLOOKABOUT is a
pioneer in visual data intelligence with its StreetScape and Virtual Tour
products. StreetScape is a visual data intelligence product for the
geo-spatial market, providing panoramic, comprehensive, street level
perspective visual data, geo-coded with latitude and longitude
coordinates for accuracy and supported by patented software processes and
proprietary security and storage systems. Headquartered in London,
Ontario, Canada, iLOOKABOUT has offices in Toronto, Canada and London,
UK. iLOOKABOUT's shares are traded on the TSX Venture Exchange under the
symbol ILA.

Neither 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
release.

Contacts:
iLOOKABOUT Corp.
Robin Dyson
CFO and Corporate Secretary
519.931.6235
robin.dyson@ilookabout.com
www.ilookabout.com

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