#AI News: VSBLTY Groupe
Technologies (CSE: $VSBY.C) (OTC: $VSBGF) Announces Closing of First Tranche of
Brokered Private Placement Led By Echelon Wealth Partners
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Philadelphia, PA - August 30, 2019 (Investorideas.com Newswire)
Further to its new release on August 13, 2019, VSBLTY Groupe Technologies Corp.
(the "Company" or "VSBLTY") (CSE:
VSBY) (5VS.F) (VSBGF) is
pleased to announce that it has closed the first tranche of its brokered
private placement of $1,000 principal amount 10% convertible unsecured
debentures (the "Debentures") for gross proceeds $1,165,000 (the
"Offering"). Echelon Wealth Partners Inc. (the "Agent")
acted as lead agent and sole bookrunner for the Offering.
The Debentures will bear interest from August 29, 2019 (the
"Closing Date") at a rate of 10% per annum on an accrual basis,
calculated and payable semi-annually, and will mature on August 29, 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 $93,200, a
finance fee of 99,857 Shares and issued 266,286 non-transferable broker
warrants (the "Broker Warrants"). Each Broker Warrant entitles the
Agent to purchase one Share at the price of $0.60 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 Offering are subject to a statutory
four month and one day hold period, which expires on December 30, 2019.
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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