(TheNewswire)
Edmonton, Alberta – TheNewswire - March 4, 2024 – Visionstate Corp.(TSXV:VIS) (“Visionstate” or the“Company”), a leading provider of Internet of Things (IoT)solutions, today announced a non-brokered private placement of up to$700,000. The financing will consist of one full unit at $0.02 (twocents) per share, along with a full warrant exercisable at $0.05 (fivecents) per share for a term of 24 months upon closing, subject to anacceleration clause on the same terms as the prior placement.
The price per share is based on the previous closingprice of the Company's common shares on Friday, March 1, 2024. TheCompany intends to issue up to 35 million shares for this financinground. This non-brokered placement follows the successful closure of afinancing round totaling $400,000, which was oversubscribed and closedon February 22, 2024. The financing is subject to regulatory approvaland customary closing conditions.
The issuance of units to insiders pursuant to theoffering constitutes a “related party transaction” in accordancewith TSX Venture Exchange Policy 5.9, Protection of Minority SecurityHolders in Special Transactions, which incorporates MultilateralInstrument 61-101 (“MI 61-101”). The offering will be exemptfrom the formal valuation requirement based on paragraphs (a) and (b)in section 5.5 of MI 61-101 since the aggregate consideration to bepaid by the related parties will not exceed 25% of the marketcapitalization of Visionstate and Visionstate is not listed on theToronto Stock Exchange, but only on the TSX Venture Exchange.
In addition, regarding the minority shareholderapproval exemptions, the independent directors have determined thatthe exemptions set out in paragraphs (1)(a) and (b) in section 5.7 ofMI 61-101 are applicable in that the aggregate consideration to bepaid by the related parties will not exceed 25% of the marketcapitalization of Visionstate, the distribution of the securities tothe related parties will have a fair market value of not more than$2,500,000 and Visionstate is not listed on the Toronto StockExchange, but only on the TSX Venture Exchange.
"The additional capital raised through thisnon-brokered private placement will provide us more resources,enabling us to accelerate the development and commercialization ofinnovative products," said John Putters, CEO of Visionstate Corp."These investments will not only enhance our current offeringsbut also diversify our revenue base, positioning Visionstate forsustained growth and market leadership in the IoT sector."
Proceeds from the placement will be primarily allocatedtowards the development and commercialization of new products designedto enhance the Company's IoT solutions and expand its market reach.Visionstate Corp. remains committed to delivering IoT technologysolutions that drive operational efficiencies and improve customerexperiences across various industries.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-orientedcompany that invests in the research and development of promising newtechnology in the realm of the Internet of Things, big data andanalytics, and sustainability. Visionstate IoTInc. is a wholly owned division of Visionstate Corp. Through Visionstate IoT Inc., it helps businesses improveoperational efficiencies, reduce costs, and elevate customersatisfaction with its state-of-the-art devices that track and monitorguest activities and requests. The footprint ofits WANDA™ smart device now extends to hospitals, airports, shoppingcentres, and other public facilities across and beyond North America.Through building up a collection of synergistic technologies,Visionstate Corp. will continue to innovate, reduce environmentalimpact and transform consumer experiences.
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
To learn more, please contact:
Visionstate IoT Inc.
Shannon Moore, President
Email: shannon@visionstate.com
Tel: 780-425-9460
CHF Capital Markets
Kathy Chapman
Email: kc@chfir.com
Tel: 416-868-1079 x 234
Twitter:
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LinkedIn:
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Forward-Looking Statements
Certain information set forth in this material maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. All statements other than statementsof historical fact are forward-looking statements, including, withoutlimitation, statements regarding future financial position, businessstrategy, use of proceeds, corporate vision, proposed acquisitions,partnerships, joint-ventures and strategic alliances andco-operations, budgets, cost and plans and objectives of or involvingthe Company. Such forward-looking information reflects management'scurrent beliefs and is based on information currently available tomanagement. Often, but not always, forward-looking statements can beidentified by the use of words such as "plans","expects", "is expected", "budget","scheduled", "estimates", "forecasts","predicts", "intends", "targets","aims", "anticipates" or "believes" orvariations (including negative variations) of such words and phrasesor may be identified by statements to the effect that certain actions"may", "could", "should","would", "might" or "will" be taken,occur or be achieved. A number of known and unknown risks,uncertainties and other factors may cause the actual results orperformance to materially differ from any future results orperformance expressed or implied by the forward-looking information.These forward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Companyincluding, but not limited to, the impact of general economicconditions, industry conditions and dependence upon regulatoryapprovals. Readers are cautioned that the assumptions used in thepreparation of such information, although considered reasonable at thetime of preparation, may prove to be impreciseand, as such, undue reliance should not be placed on forward-lookingstatements. The Company does not assume any obligation to update orrevise its forward-looking statements, whether as a result of newinformation, future events, or otherwise, except as required bysecurities laws.
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