$VSBGF Announces Closing of Upsized and Oversubsc
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Posted On: 07/02/2021 2:17:37 PM
$VSBGF Announces Closing of Upsized and Oversubscribed Public Offering and Private Placement of Units for Total Gross Proceeds of $9.78 Million
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PHILADELPHIA, June 29, 2021 /CNW/ - VSBLTY Groupe Technologies Corp. (the "Company" or "VSBLTY"
(CSE: VSBY) is pleased to announce that it has closed its previously announced public offering of 18,400,000 units of the Company (the "Units" at a price of $0.50 per Unit for aggregate gross proceeds of $9,200,000 (the "Offering" , including the full exercise of the Agent's (as defined herein) over-allotment option.
Each Unit is comprised of one common share (a "Common Share" and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant" . Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.65 until June 29, 2024. The Warrants are expected to commence trading on the Canadian Securities Exchange under the symbol "VSBY.WT.A" on June 30, 2021.
The Offering was conducted on a commercially reasonable "best efforts" basis by Echelon Wealth Partners Inc. (the "Agent" . As compensation, the Company paid to the Agent a cash fee of approximately $644,000 and issued to the Agent an aggregate of 1,288,000 Warrants (the "Agent's Warrants" . Each Agent's Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.50 per Common Share until June 29, 2024.
The Units were offered and sold by way of a short form prospectus filed in the provinces of British Columbia, Alberta, Saskatchewan and Ontario. A copy of the final short form prospectus dated June 24, 2021 is available on SEDAR at www.sedar.com.
In addition, the Company is pleased to announce the closing of its U.S. non-brokered private placement of units, with terms identical to the Units, pursuant to which the Company issued 1,162,384 units for gross proceeds of $581,192 (the "Concurrent Private Placement" . The securities issued pursuant to the Concurrent Private Placement are subject to resale restrictions, including a Canadian four-month hold period. No fees or compensation are payable to the Agent in connection with the Concurrent Private Placement. Certain insiders of the Company acquired units in the Concurrent Private Placement. The participation by such insiders in the Concurrent Private Placement constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101" . Such participations are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the shares subscribed for by the insiders, nor the consideration for the shares paid by such insiders, would exceed 25% of the Company's market capitalization.
https://finance.yahoo.com/news/vsblty-announc...00119.html
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PHILADELPHIA, June 29, 2021 /CNW/ - VSBLTY Groupe Technologies Corp. (the "Company" or "VSBLTY"
(CSE: VSBY) is pleased to announce that it has closed its previously announced public offering of 18,400,000 units of the Company (the "Units" at a price of $0.50 per Unit for aggregate gross proceeds of $9,200,000 (the "Offering" , including the full exercise of the Agent's (as defined herein) over-allotment option. Each Unit is comprised of one common share (a "Common Share"
and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant" . Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.65 until June 29, 2024. The Warrants are expected to commence trading on the Canadian Securities Exchange under the symbol "VSBY.WT.A" on June 30, 2021. The Offering was conducted on a commercially reasonable "best efforts" basis by Echelon Wealth Partners Inc. (the "Agent"
. As compensation, the Company paid to the Agent a cash fee of approximately $644,000 and issued to the Agent an aggregate of 1,288,000 Warrants (the "Agent's Warrants" . Each Agent's Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.50 per Common Share until June 29, 2024. The Units were offered and sold by way of a short form prospectus filed in the provinces of British Columbia, Alberta, Saskatchewan and Ontario. A copy of the final short form prospectus dated June 24, 2021 is available on SEDAR at www.sedar.com.
In addition, the Company is pleased to announce the closing of its U.S. non-brokered private placement of units, with terms identical to the Units, pursuant to which the Company issued 1,162,384 units for gross proceeds of $581,192 (the "Concurrent Private Placement"
. The securities issued pursuant to the Concurrent Private Placement are subject to resale restrictions, including a Canadian four-month hold period. No fees or compensation are payable to the Agent in connection with the Concurrent Private Placement. Certain insiders of the Company acquired units in the Concurrent Private Placement. The participation by such insiders in the Concurrent Private Placement constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101" . Such participations are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the fact that neither the fair market value of the shares subscribed for by the insiders, nor the consideration for the shares paid by such insiders, would exceed 25% of the Company's market capitalization. https://finance.yahoo.com/news/vsblty-announc...00119.html
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