- Immersive Tech has launched a non-brokered private placement of up to 4,285,714 subscription receipts
- The proceeds of the offering, minus 10% which will be immediately released to Immersive, will be deposited in escrow
- Each SR unit will consist of one share and one-half of one share purchase warrant
- Immersive is an industry leader in blending amusement park engineering and video game development
- Victory Square (VST) builds, acquires and invests in promising startups
- Victory Square (VST) is down 2.33 per cent, trading at C$0.84 per share at 3:45 pm ET
Immersive Tech has launched a non-brokered private placement of up to 4,285,714 subscription receipts for proceeds of up to C$1.5M.
The subscription receipts (SR) will be issued pursuant to a subscription receipt agreement entered into between Immersive and an escrow agent to be appointed by Immersive.
The proceeds of the offering, minus 10% which will be immediately released to Immersive, will be deposited in escrow pursuant to the subscription receipt agreement.
In accordance with the SR agreement, each subscription receipt will be automatically converted into one SR unit upon the satisfaction of certain escrow release conditions. If the escrow release conditions are not satisfied by August 31, 2021, the proceeds of the offering 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 C$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 the issuance of a news release announcing the expiry date of the SR warrants.
Net proceeds will be used to finance acquisitions, organic growth investments and for general working capital purposes.
Finder’s fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission of up to 6% of the gross proceeds raised under the SR offering and finder warrants in an amount up to 6% of the number of subscription receipts sold. Each finder warrant will have the same terms as the SR warrants.
Immersive is an industry leader in blending amusement park engineering and video game development.
Victory Square (VST) builds, acquires and invests in promising startups.
Victory Square (VST) is down 2.33 per cent, trading at C$0.84 per share at 3:45 pm ET.