Venzee Announces Closing of $1.5M Private Placement
VANCOUVER, Dec. 28, 2018 /CNW/ - Venzee Technologies Inc. (TSX-V: VENZ) ("Venzee" or the "Company") is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") consisting of the issuance of 20,032,666 units of the Company ("Units") at a price of $0.075 per Unit, for aggregate gross proceeds to the Company of $1.5 Million, as announced by the Company on December 17, 2018.
Peter Mackay, President of Venzee states, "As our partnership program continues to exceed our expectations, we are pleased to complete this financing in a very tough environment. This additional capital will be utilized to close additional channel partnership agreements, partner integration, marketing and general working capital. The recently executed partnership should give our everyone the confidence in our technology, our ability to attract global e-commerce service providers and our intention to build a platform for revenue growth."
Each Unit was comprised of one common share of the Company ("Common Share") and one common share purchase Warrant ("Warrant"), with each Warrant being exercisable for one Common Share at an exercise price of $0.15 per Common Share at any time up to 24 months following the closing date of the Private Placement. The Warrants are also subject to acceleration in the event the volume weighted average trading price of the Common Shares on the TSX Venture Exchange ("TSX-V") is equal to or greater than $0.25 for a period of 10 consecutive trading days. In such case, the Company may, but shall have no obligation to, accelerate the expiry time of the Warrants to a date that is 30 days following the date of issuance of a press release by Venzee announcing its intention to accelerate the expiry time.
In connection with the Private Placement, the Company has agreed to pay finders' fees to certain registered brokerage firms, comprising in the payment of an aggregate of $82,700, and in the issuance of an aggregate of 1,102,569 non-transferable compensation warrants substantially upon the same terms and conditions as the Warrants.
The net proceeds received by the Company from the Private Placement are expected to be used for general working capital purposes.
Venzee is a data transformation platform that can seamlessly integrate the world's largest retailers with their suppliers, bringing products to market faster than ever before. Our API replaces manual data entry, resulting in a digital supply chain that increases margins and accelerates revenue. Venzee is leveraging its technology to partner with established supply chain leaders to deliver a real time solution to a global audience.
Venzee operates as a Software as a Service (SaaS), allowing flexibility for enterprise customers of all sizes wishing to improve their digital supply chain solutions.
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