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Venzee Technologies Announces Closing of Oversubscribed Private Placement
Venzee Technologies Announces Closing of Oversubscribed Private Placement Canada N...
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[{"type":"text","content":"\n\n\n\nVenzee Technologies Announces Closing of Oversubscribed Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCHICAGO, May 22, 2020\n\n\n\nCHICAGO, May 22, 2020 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) (\"Venzee\" or the \"Company\") is pleased to announce it has completed a non-brokered private placement consisting of the issuance of 28,040,000 million units of the Company at a price of $0.05 per unit, for aggregate gross proceeds of $1,402,000 as announced by the Company on Wednesday, May 20, 2020, oversubscribing the amount originally announced by 40%.\n\n \n \n \n \n \n \n\n \nThe Company is very pleased by the support it received from Canadian investors with respect to the proceeds raised and continues to operate on-plan to meet market demand for intelligent technology to digitize and improve retail supply chain processes.\nWith respect to the private placement, each unit comprised one common share of the Company and one common share purchase warrant, with each warrant being exercisable for one common share at an exercise price of $0.10 per common share at any time up to 36 months following the closing date of the private placement. The warrants are also subject to acceleration in the event the volume-weighted average trading price of the common shares on the TSX Venture Exchange (TSX-V) is equal to or greater than $0.20 for a period of 10 consecutive trading days. In such case, the Company may, but shall have no obligation to, accelerate the expiry time of the warrants to a date that is 30 days following the date of issuance of a press release by Venzee announcing its intention to accelerate the expiry time.\nIn connection with the private placement, the Company has agreed to pay finders' fees to certain registered brokerage firms, comprising the payment of an aggregate of $90,440 and the issuance of an aggregate of 1,808,800 compensation warrants substantially upon the same terms and conditions as the warrants.\nAbout Venzee\nWe believe intelligent supply chain functionality is inevitable and will significantly...