EDMONTON, Alberta, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX Venture: VIS) ("Visionstate" or the "Corporation") is pleased to announce that, subject to regulatory approval, the Corporation intends to complete an offering ("Offering") of up to 10,000,000 common shares of the Corporation (“Common Share”) at a price of $0.025 per Common Share for gross proceeds of up to $250,000. The Offering includes one full warrant at 5 cents for every common share purchased. The pricing of the Offering is made in reliance on the temporary relief measures established by the TSX Venture Exchange Bulletin dated April 7, 2014. The price per Common Share has been set in accordance with the TSX Venture Exchange Policies and Bulletin with the last trading and closing price on the TSX Venture Exchange at $0.02 per Common Share prior to the issuance of this press release.
In connection with the Offering, Visionstate will be relying on the existing securityholders exemption as well as other available prospectus exemptions. For those investors relying upon the exemption for existing securityholders, the aggregate acquisition cost to a subscribing shareholder of all securities of Visionstate cannot exceed $15,000 in the previous 12 months, unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the subscriber’s jurisdiction. The offer to purchase Common Shares is available to all security holders of Visionstate who held common shares on the record date of January 6th, 2020. Shareholders resident in Newfoundland and Labrador, and countries other than Canada will need to meet local jurisdiction requirements to participate. If Visionstate receives total subscriptions pursuant to the existing security holders’ exemption which causes the Offering to exceed $250,000, Visionstate will accept such subscriptions on a first come, first served basis.
Visionstate intends to use the proceeds from the maximum Offering as follows: WANDA software development, specifically IoT (Internet of Things) buttons and a mobile app integrated with WANDA, WANDA hardware inventory for internal sales, and general and administrative expenses. Should the maximum Offering not be achieved, the use of proceeds will be adjusted by Visionstate. There is no minimum Offering.