VSBLTY Groupe Technologies Corp. (the “Company” or “VSBLTY”) (CSE: VSBY) is pleased to announce that further to the short form prospectus offering (the “Offering”) of units (the “Units”) which closed on August 28, 2020, the agents have exercised their over-allotment option (the “Over-Allotment Option”) to purchase an additional 5,559,045 Units at a price of $0.12 per Unit for gross proceeds of approximately $667,085.
Including those sold pursuant to the Over-Allotment Option, a total of 42,619,345 Units were issued under the Offering for aggregate gross proceeds of approximately $5,114,321. Each Unit is comprised of one common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of $0.17 per Common Share until August 28, 2023. The Warrants are listed for trading on the CSE under the symbol “VSBY.WT”.
The Offering was conducted on a commercially reasonable “best efforts” basis by Echelon Wealth Partners Inc., as lead agent, on behalf of a syndicate of agents including Eight Capital.
The Company intends to use the proceeds of the Offering for sales & marketing, research & development and for other general corporate purposes, as more particularly set out in the final short form prospectus dated August 17, 2020, available under the Company’s profile at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.