NetworkNewsBreaks – Victory Square Technologies
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Posted On: 07/31/2018 4:53:35 PM
NetworkNewsBreaks – Victory Square Technologies Inc. (CSE: VST) (OTC: VSQTF) (FRANKFURT: 6F6) (WKN: A2AKL8) CEO to Convert Loans into Common Shares
Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FRANKFURT: 6F6) (WKN: A2AKL8) this morning announced its plans to convert a total of $805,240.47, the majority of which encompasses loans advanced to the company by Victory Square CEO Shafin Diamond Tejani, into common shares in the capital of the company. The shares would be issued at $1.00 each, representing a premium of 19% per share, as the current market price is $0.84 per share. The conversion is subject to all requisite regulatory approvals and all shares issued shall also be subject to a four month hold period under applicable Canadian securities laws.
“Mr. Tejani’s conversion of the amount due to him into Victory Square stock at $1.00 per share has received unanimous endorsement from the company’s Board of Directors,” Victory Square Audit Committee Chairman Howard Blank stated in the news release. “The conversion at a large premium to the current market price reflects Mr. Tejani’s confidence that the company is overly discounted relative to the operational growth that has been exhibited thus far in 2018. Victory Square’s management is very pleased with the growth prospects in its operations and portfolio companies and believes the current market capitalization does not adequately reflect the value of the company. With a range of investments in a growing list of innovative portfolio companies, the company is confident in its near and long-term growth prospects for its stakeholders.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FRANKFURT: 6F6) (WKN: A2AKL8) this morning announced its plans to convert a total of $805,240.47, the majority of which encompasses loans advanced to the company by Victory Square CEO Shafin Diamond Tejani, into common shares in the capital of the company. The shares would be issued at $1.00 each, representing a premium of 19% per share, as the current market price is $0.84 per share. The conversion is subject to all requisite regulatory approvals and all shares issued shall also be subject to a four month hold period under applicable Canadian securities laws.
“Mr. Tejani’s conversion of the amount due to him into Victory Square stock at $1.00 per share has received unanimous endorsement from the company’s Board of Directors,” Victory Square Audit Committee Chairman Howard Blank stated in the news release. “The conversion at a large premium to the current market price reflects Mr. Tejani’s confidence that the company is overly discounted relative to the operational growth that has been exhibited thus far in 2018. Victory Square’s management is very pleased with the growth prospects in its operations and portfolio companies and believes the current market capitalization does not adequately reflect the value of the company. With a range of investments in a growing list of innovative portfolio companies, the company is confident in its near and long-term growth prospects for its stakeholders.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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