Business
Visionstate Announces Conditional Approval of Previously Announced Private Placement
(TheNewswire) Edmonton, Alberta – TheNewswire - December 19, 2022 ...
About this update from Visionstate Corp.
[{"type":"text","content":"Visionstate Announces Conditional Approval of Previously Announced 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 Edmonton, Alberta –\n \n \n \n \n TheNewswire -\n \n \n \n \n December 19, 2022 – Visionstate Corp.\n \n \n \n \n (TSXV:VIS)\n \n \n \n (“Visionstate”\nor the “Company”)\n \n \n is pleased\n \n \n to announce\n \n \n the receipt of conditional\nacceptance from the TSX Venture Exchange on the offering\n \n \n (\"Offering\") of up to 17,500,000 units of the\nCompany (“Units”) at a price of $0.02 per Unit for gross proceeds\nof up to $350,000 as previously announced on November 9, 2022.\n \n \n Each Unit is comprised of one (1) common share\nof Visionstate (“Common Share”) and one (1) Common Share purchase\nwarrant (“Warrant”) whereby each Warrant entitles the holder to\npurchase one (1) additional Common Share at a price of $0.05 per\nCommon Share for a period of two (2) years following the date of\nclosing.\n \n \n \n \n Visionstate has closed on the initial tranche of\nsubscriptions of 10,045,000 Units at a price of $0.02 per Unit for\ngross proceeds of $200,900, which includes 2,595,000 Units issued to\ncertain insiders of Visionstate.\n \n \n \n \n The issuance of Units to insiders pursuant to the\nOffering 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 Offering will\nbe exempt from the formal valuation and minority shareholder approval\nrequirements of MI 61-101.  In particular, Visionstate has determined\nthat the exemptions set out in paragraphs (a) and (b) in section 5.5\nof MI 61-101 are applicable since the aggregate consideration to be\npaid by the related parties will not exceed 25% of the market\ncapitalization of Visionstate and Visionstate is not listed on the\nToronto Stock Exchange, but only on the TSX Venture Exchange.  In\naddition, regarding the minority shareholder approval exemptions, the\nindependent directors have determined that the exemptions set out in\nparagraphs (1)(a) and (b) in section 5.7 of MI 61-101 are applicable\nin that the aggregate consideration to be paid by th...