(TheNewswire)
Edmonton, Alberta – TheNewswire - February 22, 2024 – Visionstate Corp.(TSXV:VIS) (“Visionstate” or the“Company”), is pleased to announce that it has closed theCompany’s non-brokered private placement of $400,000 announcedNovember 23, 2023. The financing resulted in the issuance of20,000,000 units at $0.02 per unit, with each unit consisting of onecommon share and one full warrant exercisable at $0.05 for two years,subject to an acceleration clause. The units issued from the placementare subject to a 4 month hold from the date of issuance. The financingalso included investments from beneficial shareholders includingCompany directors and officers, Belinda Davidson, John Putters andRanda Kachkar, and Monte Goble, a company insider.
The funds raised will primarily be allocated to expandthe Company's product marketing efforts in the United States, whereVisionstate IoT Inc., the Company's main operating division, hasalready established a strong presence with several prominentcustomers. The targeted focus will be on resellers of the WANDA™product, a cutting-edge facility management application designed totrack cleaning and maintenance activities.
In addition to fortifying its position in the USmarket, Visionstate Corp. will allocate resources to enhance its ViCCi2.0 product. Set to launch in 2024, ViCCi 2.0 represents a significantevolution from its predecessor, leveraging artificial intelligence andconversational interfaces to provide advanced virtual customerassistance in brick-and-mortar settings.
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.
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 of its WANDA™ smartdevice now extends to hospitals, airports, shopping centres, and otherpublic facilities across and beyond North America. Through building upa collection of synergistic technologies, Visionstate Corp. willcontinue to innovate, reduce environmental impact and transformconsumer 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:
Facebook:
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 imprecise and, as such, unduereliance should not be placed on forward-looking statements. TheCompany does not assume any obligation to update or revise itsforward-looking statements, whether as a result of new information,future events, or otherwise, except as required by securitieslaws.
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