Vision Marine Technologies to raise 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 in the performance electric recreational boating industry, announced that it has entered into a definitive agreement with investors for the issuance and sale of 493,832 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 493,832 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 August 2, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
