Visionstate Closes First Tranche of Non-Brokered Private Placement
Updated: Apr 3, 2020
Edmonton, Alberta, May 13, 2019 - Visionstate Corp. (TSX-V: VIS) (“Visionstate” or the “Company”) is pleased to announce that the Company, subject to regulatory approval, has completed the first tranche of a non-brokered private placement (“Private Placement”) announced in the April 15, 2019 Press Release.
The first tranche consists of an offering of 6,477,154 units (“Units”) at a price of $0.025 per Unit for gross proceeds of $161,928. Each Unit is comprised of one (1) common share of Visionstate (“Common Share”) and one half (1/2) Common Share purchase warrant (“Warrant”).
Each Half Warrant entitles the holder to purchase one half (1/2) Common Share at a price of $0.05 for a period of one (1) year (the “Warrant Term”) from the Closing Date (as hereinafter defined) provided that if after four months and one day following the Closing Date, the closing price of the Common Shares of the Corporation on the principal market on which such shares trade exceeds $0.075 per Common Share for a period of greater than twenty (20) consecutive trading days, the Warrant Term shall automatically accelerate to the date which is thirty (30) calendar days following the date a press release is issued by the Corporation announcing the reduced Warrant Term, without any further notification to be made by the Corporation to the Subscriber.
All of the first tranche placees were either insiders or people close to the Company. The finder’s fees associated with the transaction were $8,000.
Visionstate intends to use the proceeds from the Private Placement for technology development, marketing campaigns and general working capital purposes.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state of the art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors “John A. Putters” Visionstate Corp.