Business
Visionstate Announces Closing of Over-Subscribed Private Placement
(TheNewswire) Edmonton, Alberta – March 18, 2025 – TheNewswire - ...
About this update from Visionstate Corp.
[{"type":"text","content":"Visionstate Announces Closing of Over-Subscribed Private Placement\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Edmonton, Alberta –\nMarch 18, 2025\n \n\n\n –\n \n\n TheNewswire -\n \n\n Visionstate Corp. (TSXV:\nVIS) (“Visionstate” or the “Company”), a leading provider of\nInternet of Things (IoT) solutions for facility management, is pleased\nto announce the closing of the over-subscribed financing which was\npreviously announced on March 3, 2025, subject to final acceptance\nfrom the TSX Venture Exchange (the “TSXV”).\n \n\n Visionstate has raised $455,000.00 through the issuance of\n18,200,000 units (\"Units\") at a price of $0.025 per Unit.\n Each Unit is comprised of one (1) common share of Visionstate\n(“Common Share”) and one (1) Common Share purchase warrant\n(“Warrant”) whereby each Warrant entitles the holder to purchase\none (1) additional Common Share at a price of $0.05 per Common Share\nfor a period of five (5) years following the date of closing.\n \n\n\n\n If the closing price of the Common Shares is equal to\nor exceeds $0.07 per Common Share for greater than twenty (20)\nconsecutive trading days, then the warrant term shall automatically\naccelerate to a date that is thirty (30) calendar days following the\ndate a press release is issued by the Company announcing the reduced\nwarrant term, without any further notification to be made by the\nCompany.\n \n\n\n\n The issuance of Units to insiders pursuant to the\nPlacement will constitute a “related party transaction” as defined\nunder Multilateral Instrument 61-101, Protection of Minority Security\nHolders in Special Transactions (“MI 61-101”).  The Placement\nwill be exempt from the formal valuation and minority shareholder\napproval requirements of MI 61-101.  In particular, Visionstate has\ndetermined that the exemptions set out in paragraphs (a) and (b) in\nsection 5.5 of MI 61-101 are applicable since the aggregate\nconsideration to be paid by the related parties will not exceed 25% of\nthe market capitalization of Visionstate and Visionstate is not listed\non the Toronto Stock Exchange, but only on the TSX Venture Exchange.\n In addition, regarding the minority shareholder approval exe...