Visionstate closes $400,000 private placement
2024-02-22 15:04 ET - News Release
Mr. John Putters reports
VISIONSTATE ANNOUNCES CLOSING OF FULLY SUBSCRIBED FINANCING
Visionstate Corp. has closed the company's non-brokered private placement of $400,000 announced Nov. 23, 2023. The financing resulted in the issuance of 20,000,000 units at $0.02 per unit, with each unit consisting of one common share and one full warrant exercisable at $0.05 for two years, subject to an acceleration clause. The units issued from the placement are subject to a 4 month hold from the date of issuance. The financing also included investments from beneficial shareholders including Company directors and officers, Belinda Davidson, John Putters and Randa Kachkar, and Monte Goble, a company insider.
The funds raised will primarily be allocated to expand the Company's product marketing efforts in the United States, where Visionstate IoT Inc., the Company's main operating division, has already established a strong presence with several prominent customers. The targeted focus will be on resellers of the WANDA(TM) product, a cutting-edge facility management application designed to track cleaning and maintenance activities.In addition to fortifying its position in the US market, Visionstate Corp. will allocate resources to enhance its ViCCi 2.0 product. Set to launch in 2024, ViCCi 2.0 represents a significant evolution from its predecessor, leveraging artificial intelligence and conversational interfaces to provide advanced virtual customer assistance in brick-and-mortar settings.
The issuance of units to insiders pursuant to the offering constitutes a "related party transaction" in accordance with TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions, which incorporates Multilateral Instrument 61-101 ("MI 61-101"). The offering will be exempt from the formal valuation requirement based on paragraphs (a) and (b) in section 5.5 of MI 61-101 since the aggregate consideration to be paid by the related parties will not exceed 25% of the market capitalization of Visionstate and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
In addition, regarding the minority shareholder approval exemptions, the independent directors have determined that the exemptions set out in paragraphs (1)(a) and (b) in section 5.7 of MI 61-101 are applicable in that the aggregate consideration to be paid by the related parties will not exceed 25% of the market capitalization of Visionstate, the distribution of the securities to the related parties will have a fair market value of not more than $2,500,000 and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability.Visionstate IoT Inc. is a wholly owned division of Visionstate Corp.
Through Visionstate IoT Inc., it helps businesses improve operational efficiencies, reduce costs, and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA(TM) smart device now extends to hospitals, airports, shopping centres, and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.We seek Safe Harbor.
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