Business
Oculus Arranges Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - Oculus VisionTech Inc. (TSXV:...
About this update from Oculus Inc.
[{"type":"text","content":"Oculus Arranges Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1) (the \"Company\" or \"Oculus\"), announces a non-brokered private placement of up to 4,800,000 units at $0.80 per unit, for gross proceeds of up to $3.84 million (the \"Offering\"). Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share for a period of two years from the date of issuance at a price of $1.00 per share. The expiry date of the Warrants may be accelerated at the Company's discretion if, the closing price of the Company's common shares on the TSX Venture Exchange is equal to or greater than $2.50 for a minimum of ten consecutive trading days and a notice of acceleration is provided in accordance with the terms of the Warrant.Completion of the Offering is subject to receipt of applicable regulatory approvals, including acceptance by the TSX Venture Exchange (the \"TSX-V\").Directors and officers of the Company are expected to subscribe for a portion of the Offering. Insider participation constitutes a \"related party transaction\" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on the exemptions from the formal valuation and minority approval requirements under MI 61- 101. The Company is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization.\"The Company may pay finder's fees in connection with the Offering, consisting of cash payments equal to 6% of the gross proceeds raised from the investors introduced by a finder to the Company.The proceeds of the Offering are expected to be used by the Company for general working capital, commercialization and marketing of our ComplyTrustTM suite of solutions including the upcoming Forget-Me-YesTM product launch.The Offered Securities will be subject to a hold period expiring four months and one day after the closing of the Offering under applicable Canadian securities laws. ...