Vision Marine Technologies to sell half of shares at $1.25 in private placement

Vision Marine Technologies (VMAR) announced that it has entered into definitive securities purchase agreements dated January 12 with accredited and institutional investors for the issuance and sale of units consisting of common shares together with warrants to purchase one-half of the number of shares of common shares of the company at a price of $1.25 per unit, on a brokered private placement basis, for aggregate gross proceeds of approximately $5.8M, before deducting fees and offering expenses. The company will be issuing a combination of 4,626,400 common shares, and common warrants to purchase 2,313,200 common shares. Each pre-funded warrant will entitle the holder to acquire one common share at an exercise price of $0.001 per share, and each common warrant will be immediately exercisable and entitle the holder to acquire one common share at an exercise price of $1.50 per share, for a period of five and one-half years following the closing of the offering. The private placement is expected to close on January 14, subject to customary closing conditions. The company intends to use the proceeds from the offering for working capital and general corporate purposes. ThinkEquity is acting as the exclusive placement agent for the offering.