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Visionstate Announces Final Exchange Approval and Close of Previously Announced Private Placement and Early Warning Report
(TheNewswire) Edmonton, Alberta – TheNewswire - May 17, 2023  ...
About this update from Visionstate Corp.
[{"type":"text","content":"Visionstate Announces Final Exchange Approval and Close of Previously Announced Private Placement and Early Warning Report\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 –\n \n \n \n \n TheNewswire -\n \n \n \n \n May 17, 2023 – Visionstate Corp.\n \n \n \n \n (TSXV:VIS)\n \n \n \n (“Visionstate”\nor the “Company”)\n \n \n is\n \n \n pleased to announce receipt of final approval from the TSX\nVenture Exchange on the close of the private placement offering (the\n“Offering”) previously announced on March 13, 2023 and April 4,\n2023.  At the close, Visionstate raised $459,500 through the issuance\nof 22,975,000 units (\"Units\") at a price of $0.02 per Unit.\n Each Unit is comprised of one (1) common share in the capital of\nVisionstate (“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 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 terms, without further notification made by the\nCompany.\n \n \n \n \n The issuance of Units to insiders pursuant to the\nOffering constitutes a “related party transaction” in accordance\nwith TSX Venture Exchange Policy 5.9,\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n , which incorporates\nMultilateral Instrument 61-101 (“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 li...