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Vision Marine Technologies Inc. Announces Close of $3.0 Million Private Placement of Convertible Preferred Shares and Warrants with Investissement Québec
MONTREAL, QC / ACCESSWIRE / January 18, 2024 / Vision Marine Technologies Inc., (NASDAQ:VMAR) ("Vision Marine" or the "Company"), a global leader and
About this update from Vision Marine Technologies Inc.
[{"type":"text","content":"MONTREAL, QC / ACCESSWIRE / January 18, 2024 / Vision Marine Technologies Inc., (NASDAQ:VMAR) (\"Vision Marine\" or the \"Company\"), a global leader and innovator within the performance electric recreational boating industry, announced today that it has entered into a definitive securities purchase agreement with the Government of Quebec, through Investissement Québec (the \"Investor\") for the sale of its preferred shares and warrants. Vision Marine sold 3,000 convertible Series B Preferred Shares, with a stated value of US$1,000 per share, and warrants to purchase up to 2,857,142 of its common shares for gross proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses. The Series B Preferred Shares are initially convertible into an aggregate of 2,857,142 common shares of the Company at a conversion price of US$1.05 per share, as may be adjusted, for a period of twelve (12) months, at which time the Series B Preferred Shares becomes mandatorily convertible, subject to a potential price adjustment at maturity. The Warrants have an exercise price of US$1.05 per share and will expire five (5) years from the date of issuance.iA Capital Markets, a division of iA Private Wealth Inc., acted as the exclusive placement agent for this offering.The securities offered in the private placement are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\") and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the \"SEC\") or an applicable exemption from such registration requirements.This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.About Vision Marine Technologies Inc.Vision Marine Technologies Inc. (NASDAQ:VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the ...