Completed Financing to Accelerate Mesh Connector Revenue Growth
Venzee Technologies is pleased to announce it has completed a non-brokered private placement consisting of the issuance of 36,363,636 units of the Company at a price of $0.055 per unit, for aggregate gross proceeds of $2,000,000 as announced by the Company on December 1, 2020 and updated on December 11, 2020.
The Company is very pleased by the support it received from Canadian investors with respect to the proceeds raised and continues to operate on-plan to meet market demand for intelligent technology to digitize and improve retail supply chain processes.
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With respect to the private placement, each unit comprised one common share of the Company and one common share purchase warrant, with each warrant being exercisable for one common share at an exercise price of $0.11 per common share at any time up to 36 months following the closing date of the private placement. The warrants are also subject to acceleration in the event the volume-weighted average trading price of the common shares on the TSX Venture Exchange (TSX-V) is equal to or greater than $0.20 for a period of 10 consecutive trading days. In such case, the Company may, but shall have n************ to, accelerate the expiry time of the warrants to a date that is 30 days following the date of issuance of a press release by Venzee announcing its intention to accelerate the expiry time.
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In connection with the private placement, the Company has agreed to pay finders’ fees to certain registered brokerage firms, comprising the payment of an aggregate of $133,350 and the issuance of an aggregate of 2,424,545 compensation units upon the same t******************* as the units.
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