Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) announced it had finalized its investment in renewable energy company Stardust Solar.
Stardust installs solar PV systems in the US and Canada and touts itself as one of the largest renewable energy education providers in Canada, providing CSA/NABCEP approved design and installation training with hands-on experience.
The firm also has over 2,000 certified solar installers in its network and over 100 requests for franchisee licences in Canada.
READ: Victory Square Technologies posts fifth-straight quarter of positive net income in Q1 results
Under the terms of the share deal, Victory Square has acquired 20% of Stardust shares in exchange for shares of Victory Square equal to C$600,000, which works out to just over 674,000 shares of VST.
In addition, Victory Square agreed to provide Stardust with up to $100,000 in the form of convertible notes that are secured against the resale of Victory Square shares. The company may also assign or dividend up to 15% of its interest in Stardust to Victory Square shareholders.
Stardust will retain a right of first refusal to Victory Square with respect to any future financings or listings.
Victory Square CEO Shafin Diamond Tejani said in a statement that the Vancouver-based company was “very excited” by the deal.
“This strategic investment aligns with our company’s vision of working with technology and sustainability influencers as we endeavour to eradicate damage to our environment and create a more sustainable and eco-friendly footprint,” Tejani said.
“And, it’s not just an environmental issue, it’s an economic issue. The estimates going forward in terms of the size of the prize for companies that are in this game early, developing technologies and deploying technologies that address some of the carbon-related issues, is enormous.”
Stardust CEO Mark Tadros added: “Stardust Solar is strategically positioned to grab hold of market share in this $100 Billion sector and our strategic alignment with Victory Square will get us to our end goal in record time.”
Based in Vancouver, Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth.
Contact Angela at angela@proactiveinvestors.com
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