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Venzee Technologies Increases Financing to $1.4MM
Venzee Technologies Increases Financing to $1.4MM Canada NewsWire CHICAGO, May 2...
About this update from Jasperx Technologies Inc.
[{"type":"text","content":"\n\n\n\nVenzee Technologies Increases Financing to $1.4MM\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 20, 2020\n\n\n\nCHICAGO, May 20, 2020 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) (\"Venzee\" or the \"Company\") has announced it is increasing previously announced financing for gross proceeds of $1.0M to $1.4M. \n\n \n \n \n \n \n \n\n \nThe Company intends to complete the non-brokered private placement of 28,000,000 units of the Company (\"Units\") at a price of $.05 per Unit, for anticipated aggregate gross proceeds to the Company of approximately $1,400,000 (the \"Offering\").\nEach Unit is comprised of one common share of the Company (\"Common Share\") and one common share purchase warrant (\"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 Offering. The Warrants will also be subject to an acceleration clause whereby, in the event the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (\"TSXV\") is equal to or greater than $.20 for a period of 10 days, the Company will have the right to accelerate the maturity date of the Warrants to a date that is 30 days from the date the Company issues a press release stating its intention to accelerate the expiry date of the Warrants.\nIn connection with the Offering, the Company intends to pay finders' fees to certain registered brokerage firms, comprising of cash payment equal to 7% of the gross proceeds raised by purchasers introduced by such brokers, and in the issuance of non-transferable compensation warrants equal to 7% of the number of Units purchased by purchasers introduced by such brokers. Such compensation warrants will be issued with an exercise price of $0.05 per Common Share. All other terms and conditions of the compensation warrants are the same as the Warrants.\nThe net proceeds received by the Company from the Offering are expected to be used for general working capital purposes, further advancing the Co...