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Visionstate Corp. Announces TSX Venture Exchange Approval for Second and Final Closing of Private Placement
(TheNewswire) March 1, 2023 – TheNewswire - EDMONTON, ALBERTA - Visionstate ...
About this update from Visionstate Corp.
[{"type":"text","content":"Visionstate Corp. Announces TSX Venture Exchange Approval for Second and Final Closing of 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 March 1, 2023 – TheNewswire -\n \n \n EDMONTON, ALBERTA -\n \n \n Visionstate Corp.\n(TSX\n \n \n V\n \n \n :VIS)\n(\"Visionstate\")\n \n \n is pleased to announce\nreceipt from the TSX Venture Exchange for the second and final closing\nof its non-brokered unit offering (“Offering”) previously\nannounced on November 9, 2022 and conditionally closed on December 12,\n2022.  Further to the press release of December 19, 2022, Visionstate\nwill issue an additional 2,800,000 units of Visionstate (“Units”)\nto the investors at an issue price of $0.02 per Unit for aggregate\nadditional gross proceeds of $56,000. As a result of this second and\nfinal closing, Visionstate has issued an aggregate of 12,845,000 for\ntotal gross proceeds of $256,900 pursuant to this private placement\n(the “Private Placement”).\n \n \n \n \n Each Unit is comprised of one (1) common share in the\ncapital of Visionstate (“Common Share”) and one (1) Common Share\npurchase warrant (“Warrant”), whereby each Warrant entitles the\nholder to purchase one (1) additional Common Share at a price of $0.05\nfor a period of twenty-four (24) months following the date closing of\nthe Private Placement.\n \n \n \n \n The net proceeds from the sale of units will be used by\nVisionstate for marketing and sales initiatives, research and\ndevelopment to enhance Visionstate’s technology, operating capital\nand investigating a US quotation on the OTCQB.\n \n \n \n \n The participation in the Offering by an executive\nofficer of Visionstate may be considered a \"related party\ntransaction\" (the “Related Party”) as defined under\nMultilateral Instrument 61-101 (\"MI 61-101\").  Visionstate\nhas determined that exemptions from the formal valuation and minority\nshareholder approval requirements under MI 61-101 are available.  In\nparticular, Visionstate has determined that the exemptions set out in\nparagraphs (a) and (b) in section 5.5 of MI 61-101 are applicable\nsince the aggregate consideration to be paid by the Related Party does\nnot exceed 25% ...