Vision Marine Technologies closes its registered direct offering
by CM staff
MONTREAL — Vision Marine Technologies announced the closing of its registered direct offering with certain investors for the issuance and sale of 554,253 of its common shares at a price of $4.21 per share, for gross proceeds of approximately $2.3 million.
Vision Marine issued to the investors in a concurrent private placement, warrants to purchase up to 554,253 common shares, which represented 100 per cent of the number of common shares sold in the registered direct offering. The warrants have an exercise price of $4.21 per share, are exercisable six months following the issuance date and will expire three years following the issuance date.
Roth Capital Partners served as sole placement agent for the transaction. The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
