AI News: VSBLTY Groupe
Technologies (CSE: VSBY) (OTC: VSBGF) Announces Closing of Third And Final
Tranche of Brokered Private Placement Led by Echelon Wealth Partners
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Philadelphia, PA - October 23, 2019 (Investorideas.com Newswire) Further to its news releases on August 13, 2019, August 29, 2019 and September 20, VSBLTY Groupe Technologies Corp. (the "Company" or "VSBLTY") (CSE: VSBY) (5VS.F) (VSBGF) is pleased to announce that it has closed the third and final tranche of its private placement (the "Offering") of $1,000 principal amount 10% convertible unsecured debentures (the "Debentures") for gross proceeds $1,062,740, of which $448,000 were raised from the brokered portion of the Offering (the "Brokered Offering") and $614,740 gross proceeds were raised from the non-brokered portion of the Offering (the "Non-Brokered Offering").
Echelon
Wealth Partners Inc. (the "Agent") acted as lead agent and sole bookrunner
for the Brokered Offering.
Read this in full
at https://www.investorideas.com/CO/VSBY/news/2019/10231PrivatePlacement-EchelonWealthPartners.asp
To
date, the Company has raised $4,084,860 pursuant to the Offering.
The
Debentures will bear interest from October 22, 2019 (the "Closing
Date") at a rate of 10% per annum on an accrual basis, calculated and
payable semi-annually, and will mature on October 22, 2021 (the "Maturity
Date").
The
principal amount of the Debentures may be convertible, in whole or in part, at
any time before the Maturity Date, into units of the Company (each, a
"Unit") at $0.35 per Unit, if converted at any time before one year
after the Closing Date (amended from the previously-disclosed conversion price
of $0.45 per Unit), or otherwise convertible at $0.60 per Unit if converted
after one year after the Closing Date but before the Maturity Date.
Each
Unit consists of one common share in the capital of the Company (a
"Share") and one-half of a Share purchase warrant (each whole
warrant, a "Warrant"). Each Warrant will be exercisable into one
Share (each a, "Warrant Share") at a price of $0.60 per Warrant Share
for a period of 24 months from the Closing Date, subject to acceleration. The
Company may exercise its warrant acceleration right, if on any ten consecutive
trading days, beginning on the date that is four months and one day following the
Closing Date, the closing price of the Company's Shares on the CSE is greater
than $1.00 per Share. If the Company exercises its warrant acceleration right,
the new expiry date of the Warrants will be the 30th day following the notice
of such exercise.
The
Company paid a cash commission to the Agent of $33,440, a finance fee of 38,400
Shares and issued 95,543 non-transferable broker warrants (the "Broker
Warrants"). To date, the Company has paid cash commissions to the Agent of
$261,920, corporate finance fees of 283,199 Shares and issued 748,342 Broker
Warrants pursuant to the Offering. Each Broker Warrant entitles the Agent to
purchase one Share at the price of $0.35 per Share for a period of 24 months
from the Closing Date.
The
net proceeds from the Offering will be used for acquisitions and general and
corporate working capital purposes.
The
securities issued in the Brokered Offering and Non-Brokered Offering are
subject to a statutory four month and one day hold period, which expires on
February 23, 2020.
This
news release does not constitute an offer to sell or a solicitation of an offer
to buy any of the securities described in this news release in the United
States. Such securities have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws, and, accordingly, may not be offered
or sold within the United States, or to or for the account or benefit of
persons in the United States or "U.S. Persons", as such term is
defined in Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state securities laws
or pursuant to an exemption from such registration requirements.
On
Behalf of the Board of VSBLTY Groupe Technologies Inc.
"Jay
Hutton"
CEO & Director
CEO & Director
CONTACT:
Headquartered
in Philadelphia, VSBLTY (CSE:VSBY) is the world leader in Proactive Digital
Display™, which transforms retail and public spaces as well as place-based
media networks with SaaS- based audience measurement and security software that
uses artificial intelligence and machine learning.
FORWARD
LOOKING STATEMENT
This
news release contains forward-looking statements, including statements
regarding the Offering and the future price of the Shares on the Canadian
Securities Exchange, and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate",
"expects" and similar expressions. All statements other than statements
of historical fact included in this release are forward-looking statements that
involve risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements.
The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result
of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, and which are described in the
Company's public filings available under its profile at www.sedar.com. The
reader is cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by management at
the time of preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking statements contained
in this news release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made as of the
date of this news release and the Company does not intend to update any of the
included forward-looking statements except as required by Canadian securities
laws.
VSBLTY
Groupe Technologies Corp. (CSE: VSBY) is a featured Tech / AI stock on
Investorideas.com
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