Vision Marine Announces Pricing of $1.5 Million Private Placement

MONTREAL, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or the “Company”), a global leader and innovator within the performance electric recreational boating industry, today announced that it has entered into subscription agreements with investors to purchase an aggregate of 372,870 units, at a purchase price of $4.05 per unit. The gross proceeds to the Company from the private placement are expected to be approximately $1.5 million before deducting the placement agent's fees and other estimated offering expenses.

Each of the units issued pursuant to the private placement is comprised of one common share and one common share purchase warrant. Each full warrant will be exercisable six months from the date of issuance and entitle its holder to acquire one additional common share at a price of $4.05 per common share, subject to adjustments as set forth therein, and will expire three years from the date of issuance.

The closing of the private placement is expected to occur on or about September 20, 2023, subject to the satisfaction of certain customary closing conditions set forth in the subscription agreements and the agency agreement entered into with iA Capital Markets, a division of iA Private Wealth Inc., the exclusive placement agent for the offering.

The securities were offered in a private placement under the Securities Act of 1933, as amended (the "Act"), and Regulation S promulgated thereunder and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of common stock and the shares issuable upon exercise of the warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.