Business
Oculus Closes Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - June 5, 2020) -  Oculus VisionTech Inc. (TSX.V: OVT) ...
About this update from Oculus Inc.
[{"type":"text","content":"Oculus Closes Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - June 5, 2020) -  Oculus VisionTech Inc. (TSX.V: OVT) (OTCQB: OVTZ) (FSE: USF1) (the \"Company\" or \"Oculus\"), an emerging data security provider, is pleased to report that, further to its news release of April 20, 2020 and May 25, 2020, the Company has closed a non-brokered private placement of 7,000,001 common shares of the Company (the \"Shares\") at CAD$0.15 per Share for gross proceeds of CAD$1,050,000 (the \"Private Placement\").Two insiders of the Company participated in the Private Placement and purchased an aggregate of 1,666,667 Shares. The issuance to the insiders is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions as the fair market value of the Shares issued to or the consideration paid by such insiders did not exceed 25% of the Company's market capitalization.The proceeds of the offering will be used by the Company for both the continued development and commercialization of the Company's cloud based cyber security technology as well as the commercialization of OCL Technologies Right-To-Be-Forgotten Platform and general working capital. The Offered Securities will be subject to applicable resale restrictions under Canadian securities laws expiring on October 6, 2020. Furthermore, the Offered Securities are \"restricted securities\" within the meaning of Rule 144(a)(3) under the United States Securities Act of 1933, as amended (the \"1933 Act\") and will remain \"restricted securities\" notwithstanding any resale within or outside the United States unless the sale is completed pursuant to an effective registration statement under the 1933 Act or in accordance with Rule 144 under the 1933 Act (\"Rule 144\"). Under Rule 144, the Offered Securities will be subject to a minimum hold period of six months to after the closing of the Offering.The Offered Securities will not be registered under the 1933 Act, or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States of \"U.S. persons\", as such term is defined in Regulation S promulgated under the 1933 Act, absent registration or an applicable exemption from such registration require...