(TheNewswire)
March 1, 2023 – TheNewswire - EDMONTON, ALBERTA - Visionstate Corp.(TSX V :VIS)("Visionstate") is pleased to announcereceipt from the TSX Venture Exchange for the second and final closingof its non-brokered unit offering (“Offering”) previouslyannounced on November 9, 2022 and conditionally closed on December 12,2022. Further to the press release of December 19, 2022, Visionstatewill issue an additional 2,800,000 units of Visionstate (“Units”)to the investors at an issue price of $0.02 per Unit for aggregateadditional gross proceeds of $56,000. As a result of this second andfinal closing, Visionstate has issued an aggregate of 12,845,000 fortotal gross proceeds of $256,900 pursuant to this private placement(the “Private Placement”).
Each Unit is comprised of one (1) common share in thecapital of Visionstate (“Common Share”) and one (1) Common Sharepurchase warrant (“Warrant”), whereby each Warrant entitles theholder to purchase one (1) additional Common Share at a price of $0.05for a period of twenty-four (24) months following the date closing ofthe Private Placement.
The net proceeds from the sale of units will be used byVisionstate for marketing and sales initiatives, research anddevelopment to enhance Visionstate’s technology, operating capitaland investigating a US quotation on the OTCQB.
The participation in the Offering by an executiveofficer of Visionstate may be considered a "related partytransaction" (the “Related Party”) as defined underMultilateral Instrument 61-101 ("MI 61-101"). Visionstatehas determined that exemptions from the formal valuation and minorityshareholder approval requirements under MI 61-101 are available. Inparticular, Visionstate has determined that the exemptions set out inparagraphs (a) and (b) in section 5.5 of MI 61-101 are applicablesince the aggregate consideration to be paid by the Related Party doesnot exceed 25% of the market capitalization of Visionstate andVisionstate is not listed on the Toronto Stock Exchange, but only onthe TSX Venture Exchange. In addition, regarding the minorityshareholder approval exemptions, the independent directors havedetermined that the exemptions set out in paragraphs (1)(a) and (b) insection 5.7 of MI 61-101 are applicable in that the aggregateconsideration to be paid by the Related Party does not exceed 25% ofthe market capitalization of Visionstate, the distribution of thesecurities to the Related Party has a fair market value of not morethan $2,500,000 and Visionstate is not listed on the Toronto StockExchange, but only on the TSX Venture Exchange.
Pursuant to applicable Canadian securities laws, theCommon Shares and Warrants comprising the Units are subject to afour-month hold period from the time of closing of theOffering.
About Visionstate:
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. Through Visionstate Inc., it helpsbusinesses improve operational efficiencies, reduce costs and elevatecustomer satisfaction with its state?of?the?art devices thattrack and monitor guest activities and requests. The footprint of itsWANDA™ 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.
Visionstate Corp. | Website: www.visionstate.com |
John Putters, CEO | Twitter: |
(780) 425-9460 | Facebook: |
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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.
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