(TheNewswire)
Edmonton, Alberta – TheNewswire - June 8, 2023 – Visionstate Corp. (TSXV:VIS) ( “ Visionstate ” orthe “ Company ” ) , a leading provider of IoT(Internet of Thing) facility-management technology, is pleased toannounce, subject to regulatory approval, a private placement to raise$500,000 by the issuance of 25,000,000 units at $0.02 per unit, witheach unit consisting of one common share and one full warrantexercisable at $0.05 for two years.
The Company also disclosed its intention to utilize theproceeds to enhance its exposure and business in the United States. Inconjunction with the US business expansion, Visionstate seeks topursue a quotation on the OTCQB market in the US.
The funds raised from the private placement will beallocated towards the development and rollout of ViCCi 2.0, anartificial intelligence application designed to enhance customerservice and for general operating capital. Additionally, the proceedswill support sales and marketing initiatives aimed at expanding thereach of Visionstate's proprietary Wanda™ technology to globalmarkets. A portion of the proceeds will also be designated for generaloperating capital.
ViCCi 2.0 represents an innovative tool that leveragesartificial intelligence to provide businesses with real-time insightsinto customer behavior, preferences, and feedback. Through ViCCi 2.0,businesses can optimize their customer service, sales, and marketingefforts, leading to improved customer engagement, loyalty, andrevenue. Visionstate has partnered with AI startup Fluidio.ai topursue opportunities related to ViCCi 2.0.
"We are excited to announce this new privateplacement and the launch of ViCCi 2.0," said John Putters, CEO ofVisionstate Corp. "This financing will significantly expedite therollout of ViCCi 2.0 and expand Wanda's presence beyond Canada.Moreover, it will provide us with the necessary working capital tosupport our ongoing operations."
Visionstate's Wanda™ IoT platform has beensuccessfully deployed in various public spaces, including hospitals,airports, and shopping malls across Canada.
The securities issued in the private placement will besubject to a hold period of four months and one day from the date ofissuance.
In conjunction with the Offering, Visionstate willutilize the existing security holders' exemption and other availableprospectus exemptions. For investors relying on the existing securityholders' exemption, the total acquisition cost of Visionstatesecurities cannot exceed $15,000 in the previous 12 months, unless theshareholder has obtained investment advice from a registeredinvestment dealer in their jurisdiction. The offer to purchase Unitsis open to all security holders of Visionstate who held common shareson the record date of June 7, 2023.
Shareholders residing outside of Canada must complywith local jurisdiction requirements to participate. In the event thatsubscriptions received pursuant to the existing security holders'exemption cause the Offering to exceed $500,000, Visionstate willaccept such subscriptions on a first come, first served basis. Theparticipation in the Offering by a director, executive officer orinsider 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 independentdirectors have determined that the exemptions set out in paragraphs(1)(a) and (b) in section 5.7 of MI 61-101 are applicable in that theaggregate consideration to be paid by the Related Party does notexceed 25% of the market capitalization of Visionstate, thedistribution of the securities to the Related Party has a fair marketvalue of not more than $2,500,000 and Visionstate is not listed on theToronto Stock Exchange, 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 ofThings, big data and analytics, and sustainability. Visionstate IoT Inc. is a wholly-owned subsidiary of Visionstate Corp. ThroughVisionstate IoT Inc., it helps businesses improve operationalefficiencies, reduce costs, and elevate customer satisfaction with itsstate-of-the-art devices that track and monitor guest activities andrequests. The footprint of its WANDA™ smart device now extends tohospitals, airports, shopping centres, and other public facilitiesacross and beyond North America. Through building up a collection ofsynergistic technologies, Visionstate Corp. will continue to innovate,reduce environmental impact, and transform consumerexperiences.
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) accept 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 effectthat certain actions "may", "could","should", "would", "might" or"will" be taken, occur or be achieved. A number of known andunknown risks, uncertainties and other factors may cause the actualresults or performance 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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