#AI
Stock News: VSBLTY GROUPE TECHNOLOGIES (CSE: $VSBY.C) (OTC:
$VSBGF) ANNOUNCES CLOSING
OF FIRST TRANCHE OF BROKERED PRIVATE PLACEMENT LED BY ECHELON WEALTH PARTNERS; @vsbltyco
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Philadelphia,
PA - February 27, 2020 (Investorideas.com Newswire) VSBLTY Groupe Technologies
Corp. (the "Company" or "VSBLTY") (CSE:
VSBY)
(Frankfurt:
5VS)
(OTC:
VSBGF)
is pleased to announce that it has closed the first tranche of its private
placement (the “Offering”) of $1,000 principal amount 10% convertible unsecured
debentures (the “Debentures”) for gross proceeds $1,630,380, of which $870,000
was raised from the brokered portion of the Offering (the “Brokered Offering”)
and $760,380 was 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 news
featuring VSBLTY in full at https://www.investorideas.com/CO/VSBY/news/2020/02271Closing-FirstPrivatePlacement.asp
The
Debentures will bear interest from February 26, 2020 (the “Closing Date”) at a
rate of 10% per annum on an accrual basis, calculated and payable
semi-annually, and will mature on February 26, 2022 (the “Maturity Date”).
The
principal amount of the Debentures may be converted, in whole or in part, at
any time before the Maturity Date, into units of the Company (each, a “Unit”)
at $0.30 per Unit, if converted at any time prior to or on the date that is one
year from the Closing Date, or otherwise convertible at $0.60 per Unit if
converted after one year from 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 Share purchase warrant (each, 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 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 $69,600, a finance fee of 87,000
Shares and issued 232,000 non-transferable broker warrants (the “Broker
Warrants”). Each Broker Warrant entitles the Agent to purchase one Share at the
price of $0.30 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
June 27, 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) (Frankfurt; 5VS) (VSBGF)
("VSBLTY") 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 attributes of the securities to be offered and sold by the
Company, the closing date of 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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