Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement“) consisting of the issuance of 18,300,000 units of the Company (“Units“) at a price of $0.05 per Unit, for aggregate gross proceeds to the Company of $915,000, as announced by the Company on January 29, 2020, oversubscribing the amount originally announced.
The Company is very pleased by the support received in the oversubscribed Private Placement and believes such support reflects increasingly strong investor appreciation for Venzee’s retail-focused growth model.
Each Unit was comprised of one common share of the Company (“Common Share“) and one common share purchase Warrant (“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 $0.20 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.
In connection with the Private Placement, the Company has agreed to pay finders’ fees to certain registered brokerage firms, comprising in the payment of an aggregate of $45,850, and in the issuance of an aggregate of 1,181,000 compensation warrants substantially upon the same terms and conditions as the Warrants.
Commenting on the success of the Private Placement, Venzee’s President & CEO John Abrams said, “We are extremely pleased with the strong investor support our Company has received. In 2019 we made significant operational and organizational changes to expand our retail connections and accelerate our revenue growth. That our Private Placement was oversubscribed indicates the market recognizes the value of our 2019 changes and understands the economic benefit of our platform delivers to brands, manufacturers, and retailers globally.”
Venzee creates shareholder value through intelligent software solutions that remove friction from the global retail supply chain.
Our products displace slow, labor-intensive manual processes in favor of tightly integrated, AI-driven solutions.
Venzee is a SaaS platform suppliers and retailers use to create machine-to-machine connections that remove human processes and optimize commerce.
To learn more about Venzee, visit https://venzee.com/
On Behalf of the Board,
John Abrams, President and CEO
Venzee, Investor Relations
Kin Communications Inc.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s management’s discussion and analysis for the year ended December 31, 2018 and the quarter ended August 29, 2019, which are available under the Company’s SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.