AI News: VSBLTY Groupe
Technologies (CSE: $VSBY.C) (OTC: $VSBGF) Announces Closing of Second 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 - September 20, 2019 (Investorideas.com Newswire) Further to its new
releases on August 13, 2019, and August 29, 2019, VSBLTY Groupe Technologies
Corp. (the "Company" or "VSBLTY") (CSE:
VSBY)
(5VS.F) (VSBGF) is pleased to
announce that it has closed the second tranche of its private placement (the
"Offering") of $1,000 principal amount 10% convertible unsecured
debentures (the "Debentures") for gross proceeds $1,857,120, of which
$1,691,000 were raised from the brokered portion of the Offering (the
"Brokered Offering") and $166,120 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
To
date, the Company has raised $3,022,120 pursuant to the Offering.
The
Debentures will bear interest from September 19, 2019 (the "Closing
Date") at a rate of 10% per annum on an accrual basis, calculated and
payable semi-annually, and will mature on September 19, 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 $135,280, a finance fee of
144,942 Shares and issued 386,513 non-transferable broker warrants (the
"Broker Warrants"). To date, the Company has paid cash commissions to
the Agent of $228,480, corporate finance fees of 244,799 Shares and issued
652,799 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
January 20, 2020.
Due
to significant demand from investors, the Company is also pleased to announce
that it has entered into an amendment agreement with the Agent, pursuant to
which the Company and the Agent have agreed to increase the size of the
Offering from $3,000,000 to up to $4,500,000.
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
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