Victory Square Technologies Announces Closing of Upsized and Oversubscribed $6.1 Million Private Placement of Special Warrants Led by Gravitas Securities - Seite 2
Until a receipt is issued for the final Prospectus, securities issued in connection with the Offering will be subject to a 4-month hold period from the date of issue.
The net proceeds of the Offering are expected to be used for future acquisitions, organic growth investments, including in healthcare assets operated by subsidiaries and/or portfolio companies, working capital, repayment of related party debt in the aggregate amount of $500,000, and general corporate purposes.
The Agents received a cash commission equal to 8.0% of the gross proceeds from the sale of Special Warrant pursuant to the Offering, which commission was reduced to 6.0% in respect of certain president’s list purchasers. In addition, the Company also granted the Agents that number of non-transferable broker warrants as is equal to 8.0% of the number of Special Warrants sold pursuant to the Offering, which number of broker warrants was reduced to 6.0% in respect of certain president’s list purchasers, each exercisable to acquire an Agent’s Unit (as defined below) for a period of 36 months from the date of issuance thereof at the Offering Price.
Multilateral Instrument 61-101
Certain directors and management of the Company (“Insiders”) purchased an aggregate of 961,538 Special Warrants pursuant to the Offering. Participation by each Insider in the Offering constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the participation by the Insiders in the Offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report with respect to the closing of the Offering and the participation of Insiders in the Offering will be filed shortly, which is less than 21 days in advance of the closing of the Offering; the Company deemed this abbreviated period reasonable in the circumstances so as to be able to complete the Offering in an expeditious manner.
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth.
The Company’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 23 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.