Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) said its portfolio company Fantasy 360 Technologies Inc, doing business as Immersive Tech, has launched a non-brokered private placement of up to 4,285,714 of its subscription receipts, at a price of C$0.35 per receipt, for total gross proceeds of up to C$1.5 million.
The company said Immersive Tech intends to use the net proceeds from the offering to finance acquisitions, organic growth investments and for general working capital purposes.
Each subscription receipt unit will consist of one Immersive share plus one-half of one Immersive share purchase warrant, entitling the holder to purchase one additional Immersive share at a price of C$0.52 for a period of 24 months following the completion of a going-public transaction by Immersive.
READ: Victory Square Technologies is incubating the next generation of technology companies
Immersive may accelerate the expiry date of the warrants to 30 days following Immersive issuing a news release accelerating the expiry date of the subscription receipt warrants in the event the closing price of the Immersive Shares on the Canadian Securities Exchange (CSE) or any equivalent exchange upon which the Immersive shares trade is equal to or greater than $0.78 per share for a period of 10 consecutive trading days.
Finder’s fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission of up to 6% of the gross proceeds raised under the subscription receipt offering and finder warrants in an amount up to 6% of the number of subscription receipts sold pursuant to the subscription receipt offering. Each finder warrant will have the same terms as the subscription receipt warrants.
Victory Square Technologies is a technology-focused incubation firm that looks to invest in and develop game-changing entrepreneurs, building toward what it calls the “fourth industrial revolution.”
Based in Vancouver, the company provides its investees with access to its education programs, a global network of mentors, distribution partners, creative workspaces, resources and operational support to help them scale internationally.
Contact Sean at sean@proactiveinvestors.com