Vision Marine Technologies raises approximately $2M
by CM Staff
Vision Marine intends to use the net proceeds from the offering for working capital and general corporate purposes.
MONTREAL — Vision Marine Technologies Inc., a manufacturer within the performance electric recreational boating industry, announced that it has entered into a definitive agreement with investors for the issuance and sale of 493,828 of its common shares for a price of $4.05 per share, for gross proceeds of approximately $2 million, in a registered direct offering.
Additionally, Vision Marine will issue to the investors in a concurrent private placement, warrants to purchase up to 493,828 common shares, which represents 100% of the number of common shares issued in the registered direct offering. The warrants will have an exercise price of $4.05 per share, will be exercisable six (6) months following the issuance date and will expire three (3) years following the issuance date.
Bancroft Capital served as placement agent for the transaction. The offering is expected to close on June 16, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares described above are being offered by Vision Marine pursuant to a registration statement (File No. 333-267893) previously filed with and subsequently declared effective by the Securities and Exchange Commission.
