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Venzee Technologies Closes Tranche of Private Placement

Venzee Technologies Inc., the artificial intelligence (“AI”) platform for product data, is pleased to update shareholders on the closing of a tranche of its non-brokered private placement previously announced on May 6, 2022.

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John Abrams, CEO of Venzee, said, “Although the capital markets remain challenging, Venzee is pleased by the support it has received from our Canadian investors. In our view, that support is well placed as we continue to see customer growth, expansion, and validation of our platform through increased use of our Mesh Connector™ product – a product now providing brands with cost savings through AI-driven syndication to more than 500 retailers globally.”

The Company has closed a tranche of the private placement by issuing 3,420,000 units (each a “Unit”) of the Company at a price of $0.05 per Unit, for gross proceeds of $171,000. In connection with this tranche, the Company has paid finders’ fees to certain registered brokerage firms, comprising of payment of $13,600 and the issuance of 272,000 finders’ warrants upon the same terms and conditions as the Units.

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With respect to the private placement, each Unit consists of one common share of the Company and one common share purchase warrant (each a “Warrant”), with each Warrant being exercisable for one common share at an exercise price of $0.10 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 $0.25 for a period of 10 consecutive trading days. In such case, the Company may, but shall have no obligation 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.  The securities issued under this tranche of financing are subject to a statutory hold period expiring four months and one day from the date of issuance.

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