Victory Square Technologies - CEO, Shafin Diamond Tejani.
CEO, Shafin Diamond Tejani.
Source: Western University.
  • Victory Square Technologies (VST) has raised approximately C$6.1 million in a private placement backed by Gravitas Securities
  • The company issued just over 11.7 million special warrants at a price of $0.52 each, roughly 1.14 million of which were issued pursuant to an over-allotment option
  • Each special warrant entitles the holder to receive one unit in Victory Square, which will be comprised of one common share and one-half of a purchase warrant
  • The proceeds will be used to support future acquisitions, organic growth investments and the repayment of outstanding debt
  • Victory Square Technologies (VST) is currently down 23.64 per cent to $0.42 per share at 2:02pm EST

Victory Square Technologies (VST) has raised approximately C$6.1 million in a private placement backed by Gravitas Securities.

Under the terms of the offering, which was announced on October 20 and upsized on October 26, the Vancouver-based holding company issued a total of just over 11.7 million special warrants at a price of $0.52 each, roughly 1.14 million of which were issued pursuant to an over-allotment option.

These warrants will entitle the holder to receive, at no additional charge, one unit in the company. In turn, these units will be comprised of one common share in Victory Square and one-half of a common share purchase warrant.

Each whole warrant will be exercisable at a price of $0.78 per share for a period of 36 months from the date of issuance.

Among the subscribers to the offering were Shafin Diamond Tejani, CEO of Victory Square, as well as two-time Stanley Cup Winner Dave Bolland, who collectively purchased $2 million worth of special warrants, or 33 per cent of the total amount on offer.

“We are pleased to have completed this offering and now have additional resources to ramp up our sales and growth strategy for our digital health and diagnostic assets,” Shafin said.

“We wish to thank our shareholders and Gravitas for their tremendous support,” he added.

Victory Square intends to use the proceeds to support future acquisitions, organic growth investments in its portfolio companies, working capital and general corporate purposes, and the repayment of related-party debt to the value of $500,000.

Victory Square Technologies (VST) is currently down 23.64 per cent to $0.42 per share at 2:02pm EST.

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