Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) portfolio company Fantasy 360 Technologies Inc (dba Immersive Tech) is boosting the size of its previously announced financing due to “strong investor demand.”
The offering, consisting of subscription receipts of Immersive, is increasing from the original C$1.5 million, according to a statement.
Each subscription receipt will be sold at C$0.35 and governed by a subscription receipt agreement between Immersive and an escrow agent appointed by Immersive before the closing date of the offering.
READ: Victory Square Technologies portfolio company Immersive Tech to raise C$1.5M in an equity financing
The subscription receipts will automatically be converted into one unit of Immersive once certain escrow conditions are satisfied, including approval to list Immersive’s shares on the Canadian Securities Exchange.
Immersive plans to use the proceeds from the offering to fund new acquisitions and support its own organic growth, according to Victory Square.
Immersive blends amusement park engineering and video game development and has established working relationships with top organizations like Bayer Pharmaceuticals, Intel, Allegiant Airlines, Capital One, Scotia Bank, and the US Food and Drug Administration for brand activations at events including X-Games and Boston Hub.
Vancouver-based Victory Square invests in and nurtures early-stage technology companies.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas