- Victory Square Technologies portfolio company Immersive Tech has closed its non-brokered private placement financing
- 6,750,803 subscription receipts were issued at a price of $0.35 per subscription receipt, for gross proceeds of approximately $2.36 million
- Immersive entered into a subscription receipt agreement with Odyssey Trust Company
- The proceeds of the financing, minus 10% of the gross proceeds will be held in escrow
- Once released, funds will be released to the company and each subscription receipt will be automatically converted into one unit of Immersive
- If the escrow conditions are not satisfied on or before August 31, 2021, the proceeds of the financing will be returned to the subscribers
- Victory Square Technologies (VST) is an accelerator with 20+ portfolio companies focused on emerging technologies
- Victory Square Technologies Inc. opened trading at C$0.85 per share
Victory Square Technologies portfolio company Immersive Tech has closed its non-brokered private placement financing.
6,750,803 subscription receipts were issued at a price of $0.35 per subscription receipt, for gross proceeds of approximately $2.36 million.
In connection with the financing, Immersive entered into a subscription receipt agreement with Odyssey Trust Company. The proceeds of the financing, minus 10% of the gross proceeds, were immediately released to Immersive for the purposes of satisfying the escrow conditions and for working capital and general corporate purposes.
The escrowed funds will be held in escrow pending satisfaction of the release conditions including Immersive Tech receiving all applicable regulatory approvals and completing the listing of its common shares on the Canadian Securities Exchange.
Once released, the escrowed funds, after deducting certain finder’s fees, will be released to the company and each subscription receipt will be automatically converted into one unit of Immersive. Immersive Tech has also agreed to issue finder’s warrants of up to 6% of the number of subscription receipts purchased by subscribers introduced to Immersive by such finders. Each finder’s warrant will be exercisable to acquire one share of Immersive for a period of 24 months following the completion of a go-public transaction by Immersive.
Immersive may accelerate the expiry date of the finder’s warrants to 30 days following notification in the event the closing price of the Immersive shares is equal to or greater than $0.78 per share for a period of ten consecutive trading days.
If the escrow conditions are not satisfied on or before August 31, 2021, the proceeds of the financing will be returned to the subscribers.
Each SR unit will consist of one share and one-half of one share purchase warrant. Each SR warrant will entitle the holder to purchase one additional share at a price of $0.52 for a period of 24 months following the completion of a going-public transaction by Immersive.
Immersive may accelerate the expiry date of the SR warrants to 30 days following notification in the event the closing price of the Immersive shares is equal to or greater than $0.78 for a period of ten consecutive trading days.
Victory Square Technologies (VST) is an accelerator with 20+ portfolio companies focused on emerging technologies including Blockchain, Machine Learning, Artificial Intelligence and VR/AR.
Victory Square Technologies Inc. opened trading at C$0.85 per share.
