MONTRÉAL, QC / ACCESS to Newswire / January 16, 2025 / Vision Marine Technologies Inc. (“Company”, “Vision Marine”, “we”, “us”, “our”) (NASDAQ:VMAR), a leading innovator in electric marine propulsion, today announced the closing of its previously announced brokered private placement offering with accredited and institutional to investors for the issuance and sale of units consisting of common shares (each a “Common Share”) (or pre-funded warrants (each a “Pre-Funded Warrant”) in lieu thereof) together with warrants (each a “Common warrant”) to purchase one-half of the Company’s common shares (or pre-funded warrants) at a price of $1.25 per unit, for total gross proceeds of approximately $5.9 million, before deduction of offering fees and expenses.
As part of the offering, the Company issued a combination of 4,706,400 common shares (or pre-funded warrants in lieu thereof) and common warrants to purchase 2,353,200 common shares. Each pre-funded warrant entitles the holder to acquire one common share at an exercise price of C$0.001 per share, and each Common Warrant is immediately exercisable and entitles you to acquire one common share at an exercise price of $1.50 per share, for a period of five and a half years after the closing of the offer.
The Company intends to use the proceeds of the offering for working capital and general corporate purposes.
ThinkEquity acted as exclusive placement agent for the Offering.
The securities offered and sold by the Company in the private placement are not registered under the Securities Act of 1933, as amended (the “Securities Act”) or state securities laws, and may not be offered or sold in the United States without registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of Common Stock, Common Stock underlying pre-funded warrants and common warrants to be issued in a private placement. Any resale of the Company’s shares according to such a resale registration statement will be made only through a prospectus.
This press release will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws. papers of any such state or jurisdiction. The securities will not be registered under the Securities Act or any state securities law when issued in the closing of the private placement, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration under the Securities Act and applicable state laws.
About Vision Marine Technologies Inc.
Vision Marine Technologies, Inc. (NASDAQ:VMAR) is transforming the marine industry with its revolutionary E-Motion™ outboard propulsion system. Combining advanced battery technology, high efficiency motors, proprietary software and innovative assembly techniques, Vision Marine is driving the shift to sustainable electric powered recreational boating.
Forward-looking statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates and other information that may be considered future events or trends and not they refer to historical issues. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Vision Marine’s Annual Report on Form 20-F for the year ended August 31, 2023 and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. There can be no assurance that Vision Marine will be able to complete the Offer on the terms contemplated or at all. Vision Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, as required by law.
Website: visionmarinetechnologies.com
Twitter: @marine_vision
Facebook (NASDAQ:): @VisionMarineTechnologies
Instagram: @visionmarine.technologies
YouTube: @VisionMarineTechnologies
Contact for investors and companies:
Bruce nurse
(303) 919-2913
bn@v-mti.com
View the original press release on ACCESS Newswire
