EDMONTON, ALBERTA--(Marketwired - Sept. 22, 2015) - Visionstate Corp. (TSX VENTURE:VIS) ("Visionstate") is pleased to announce that it has received TSX Venture Exchange final acceptance with respect to a private placement announced on June 23, 2015. In addition to the initial closing announced on August 19, 2015, Visionstate has closed on an additional 971,000 units ("Units") at a price of $0.08 per Unit for gross proceeds of $77,680 pursuant to a non-brokered private placement (the "Private Placement"). Each Unit is comprised of one (1) common share in the capital of the Corporation ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.15 per Common Share for a period of one (1) year following the date of closing, provided that if after four months and one day following the closing date the closing price of the common shares is equal to or exceeds $0.30 per common share for at ten (10) consecutive trading days, then the Warrants shall automatically accelerate to expire on the date which is thirty (30) calendar days following the date a press release is issued by Visionstate announcing the reduced warrant term or the date that written notice has been given to the warrantholder.
The finder's fee paid in connection with the initial closing was for a cash sum of $2,000. The finder was also granted an option to purchase 25,000 Units ("Finder's Units") at a price of $0.08 per Finder's Unit, on the same terms as previously disclosed in the press release dated August 19, 2015.
Visionstate intends to use the proceeds from the final closing for a network of kiosks and general working capital.
Pursuant to applicable Canadian securities laws, the securities issued under the final closing are subject to a four-month hold period from the time of the final closing.
As insiders participated in the final closing, any such subscriptions are considered to be related party transactions within the meaning of Policy 5.9 of the TSX Venture Exchange which incorporates Multilateral Instrument 61-101 ("MI 61-101")"), but are otherwise exempt from the formal valuation and minority approval requirements of MI 61-101.
Neither the 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.
President & CEO