CHICAGO, June 23,
2022 /CNW/ - Venzee Technologies Inc. (TSXV:
VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"),
the artificial intelligence ("AI") platform for product
data, wishes to announce a proposed non-brokered private placement
of unsecured convertible debentures ("Debentures") to raise
gross proceeds of CAD$600,000 (the
"Debenture Offering").
The Debenture Offering will have a minimum investment of
CAD$25,000 and in multiples of
CAD$25,000. The Debentures will have
a maturity date of three (3) years from the date of issuance and
shall bear interest at a rate of 5% per annum, payable every six
(6) months. The principal sum of the Debentures, or any portion
thereof, are convertible at the option of the holder, anytime after
six (6) months, into debenture units (each, a "Debenture
Unit") at CAD$0.05 per Debenture
Unit. Each Debenture Unit will consist of one common share (a
"Share") and one common share purchase warrant (a
"Warrant") with each Warrant exercisable at CAD$0.08 for 36 months from the date of issuance.
The Warrants will also be subject to an acceleration clause
whereby, in the event the volume weighted average trading price of
the Company's shares trading on the TSX Venture Exchange (the
"Exchange"), or any other stock exchange on which the
Company's shares are then listed, is equal to or greater than
$0.25 for a period of 30 consecutive
trading days, the Company will have the right, but not the
obligation, to accelerate the expiry date of the warrants by giving
written notice to the holders that the warrants will expire on a
date that is not less than 30 days from the date of notice.
In connection with the Debenture Offering, the Company may pay a
finder's fee to certain registered brokerage firms, as permitted by
the policies of the Exchange and in accordance with applicable
securities laws. The Debentures, Debenture Units, Warrants and any
Common Shares resulting from the conversion of the Debentures or
the exercise of Debenture Warrants will be subject to a hold period
of four months and one day after the date of issuance thereof.
The Company intends to use the proceeds of the Debenture
Offering for general working purposes.
The Debenture Offering will be subject to customary closing
conditions, including the approval of the Exchange, and there is no
assurance that the Company will complete the Debenture Offering
upon the terms set out above, or at all.
Further to the Company's news releases of May 6, 2022, and June 9,
2022, the Company also announces that the previously
announced unit private placement has closed. The Company raised
total proceeds of $171,000 and issued
3,420,000 units. Each unit consisted of one common share of the
Company and one common share purchase warrant with each warrant
exercisable for one common share at an exercise price of
$0.10 for a period of 36 months. The
Company paid finders' fees of $13,600
and issued 272,000 finders' warrants upon the same terms and
conditions as the shareholders' warrants.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial
intelligence platform for product data used by global brands to
speed time to market and create competitive supply chain
advantages. Venzee's intelligent platform automates inefficient
last-mile retail processes with a frictionless, machine-driven
solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is
inevitable and will significantly benefit growers, makers, brands,
sellers, regulators, and consumers. Venzee is building the
foundation for a future where seamless, accurate, automated data
flow simplifies processes, removes friction, and creates value for
all those that rely on the myriad of data and information
surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to
create intelligent technology that removes friction from the global
supply chain. Its Mesh Connector™ product disrupts and displaces
inefficient manual processes in favor of integrated, machine-driven
solutions.
To learn more about the Venzee platform, visit venzee.com
LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/
Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the terms of the Offering, the
completion of the Offering and the expected use of the net proceeds
received by the Company. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; and regulatory risks. Additional
information about these assumptions and risks and uncertainties is
contained under "Risk Factors and Uncertainties" in the Company's
management's discussion and analysis for the year ended
December 31, 2018, and the quarter
ended August 29, 2019, which are
available under the Company's SEDAR profile at www.sedar.com, and
in other filings that the Company has made and may make with
applicable securities authorities in the future.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained in this news release is expressly qualified in its
entirety by this cautionary statement.
The Company does not undertake to update any forward-looking
information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE Venzee Technologies Inc.