CORRECTION FROM SOURCE: Vinergy Closes Over-Subscribed Private Placement of Units
A correction from source is issued for the news release disseminated on April 14th, 2021. The news release has been amended for the inclusion of an agreement with Octagon Media Corp./Wall Street Reporter and an option grant. The corrected release follows:
Vancouver, British Columbia--(Newsfile Corp. - April 15, 2021) - Vinergy Capital Inc. (CSE: VIN) (OTCQB: VNNYF) (FSE: 1V70) (the "Company" or "Vinergy") is pleased to announce, further to its news release of April 9, 2021, that it has closed its previously announced non-brokered private placement of units of the Company (the "Units") by the issuance of 10,305,667 Units at $0.15 per Unit for gross proceeds of $1,545,850.05 (the "Offering").
Each Unit consists of one common share in the capital of the company ("a "Share") and one-half of one transferrable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.25 on or before April 14, 2023 subject to the right of the company to accelerate the expiry in the event that the closing price of the Shares is at or exceeds $0.50 for a period of ten consecutive trading days.
The Company has paid eligible finders cash commission in the total amount of $31,848, being up to 6% of the aggregate proceeds from the sale of Units to purchasers introduced by the finders.
The Company has also issued non-transferrable common share purchase warrants (the "Finder's Warrants") to the finders for the purchase of up to a total of 262,320 Shares, being up to 6% of the number of Units sold under the Offering. Each Finder's Warrant will entitle the holder to purchase one Share at a price of $0.15 on or before October 14, 2021 and at a price of $0.20 thereafter until April 14, 2022.
All securities issued in connection with the Offering are subject to a statutory hold period of four-months and one day ending on August 15, 2021. The Company intends to use the net proceeds of the Offering to continue the Company's capital investment program and for general working capital.
Additionally, the Company has signed an agreement with Octagon Media Corp./Wall Street Reporter ("Octagon") for an investor marketing program, which includes digital media and investor awareness. The Company has agreed to pay Octagon US$125,000 in consideration for providing the marketing program for a six-month term, effective immediately. In addition, subject to approval of the Canadian Securities Exchange, the Company will grant Octagon 1,200,000 stock options exercisable at a price of $0.26 per share for a period of 12 months from the date of grant. The options will vest immediately and have been granted in accordance with the Company's existing stock option plan.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS - Vinergy Capital Inc.
CEO and Director
The securities issued in connection with the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
CAUTIONARY STATEMENT REGARDING "FORWARD‐LOOKING" INFORMATION: This news release contains forward‐looking statements. The Company has provided the forward‐looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward‐looking statements may prove to be incorrect. All such forward‐looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80518