Ynvisible Interactive Inc. Announces Exercise of Warrants for Proceeds of $4.4 Million
Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSXV:YNV, OTCQB:YNVYF, FRA:1XNA) is pleased to announce that since December 1, 2020, it has received proceeds of $4.4 million pursuant to the exercise of 7,315,473 common share purchase warrants. The exercised warrants were originally issued in connection with non-brokered private placement financings completed by Ynvisible on January 9, 2019, and June 5, 2019, pursuant to which warrants were issued with an exercise price of $0.60 for periods of three years (the “Warrants”). At the present time, approximately 80% of the Warrants have been exercised.
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Ynvisible's electrochromic display (Photo: Business Wire)
The Company intends to use the proceeds of the warrants exercised, along with the funds raised from the Company’s recently completed non-brokered private placement financing of $4.5 million, for productization, marketing, increasing production capacity, and general working capital.
“The exercising of the warrants is further validation of our strategy as we progress forward,” said Michael Robinson, CEO of Ynvisible.
As at today’s date, a total of 1,663,005 Warrants remain outstanding. Each Warrant is exercisable to acquire one common share in the capital of Ynvisible at an exercise price of $0.60. If all remaining Warrants are exercised, additional proceeds to the Company will total $997,803.
ABOUT YNVISIBLE INTERACTIVE INC.
Ynvisible aims to be a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has the experience, know-how and intellectual property in electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information on Ynvisible is available at www.ynvisible.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO, Ynvisible Interactive Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's forecast of sales, cost of sales, operating expenses and income from other sources; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future marketing and operating plans are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to additional costs being subsequently identified and the allocation of costs between reporting periods; and the possibility that the actual financial results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.
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