/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MONTREAL, March 29, 2022 /CNW/ - (TSXV: VOTI) VOTI
Detection Inc. (the "Company" or "VOTI") is pleased
to announce today the closing of its previously announced brokered
private placement of 15,717,434 units of the Company (each, a
"Unit", and collectively the "Units") at a price of
$0.15 per Unit for aggregate gross
proceeds to the Company of approximately $2.36 million (the "Offering").
Each Unit consisted of one common share of the Company (each, a
"Common Share", and collectively the "Common Shares")
and one-half of one Common Share purchase warrant (each whole
warrant, a "Warrant" and collectively the
"Warrants"). Each Warrant entitles the holder thereof to
acquire one Common Share at a price of $0.20 per Common Share for a period of 36 months
from the closing date of the Offering.
The Offering was led by Echelon Wealth Partners Inc. as sole
agent and bookrunner (the "Agent"). In consideration for its
services, and pursuant to the terms of the agency agreement entered
into on March 29, 2022 between the Company and the Agent,
the Agent received an aggregate cash commission of $185,858.96, representing 8.0% of the total gross
proceeds raised under the Offering (which was reduced to 3.0%
of those purchasers under the Company's president's list) and
was granted 1,239,060 broker warrants (each, a "Broker
Warrant" and collectively the "Broker Warrants"),
representing 8.0% of the total number of Units sold under the
Offering (which was reduced to 3.0% for those purchasers under the
Company's president's list), with each such Broker Warrant
entitling the Agent to acquire one Common Share at a price of
$0.15 per Common Share for a period
of 36 months from the closing date of the Offering.
The Corporation intends to use the net proceeds of the Offering
for debt repayment, sales, marketing, general corporate and working
capital purposes.
The Units were offered and sold by private placement in
Canada to "accredited investors"
within the meaning of National Instrument 45-106 – Prospectus
Exemptions and other exempt purchasers in each province of
Canada. The securities issued in
the Offering will be subject to applicable hold periods imposed
under applicable securities legislation, including a hold period of
4 months and one day from the date of issuance.
About VOTI
VOTI, headquartered in, and listed on the TSX Venture Exchange,
is a leading-edge Canadian technology company that develops
latest-generation X-ray security systems based on 3D Perspective™
technology. VOTI's technology produces remarkably sharp and more
revealing X-ray images that are competitively superior while
delivering enhanced threat detection capabilities and an improved
user experience. Since its inception, VOTI has installed scanners
in more than 50 countries and has consulted heavily with government
agencies and security specialists worldwide to develop feature-rich
and easy-to-use scanners that meet the sophisticated needs of
modern security screening operations. www.votidetection.com
Legal Disclaimer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release. Such securities have not been, and will not be,
registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws, and, accordingly, may not
be offered or sold within the United
States, or to or for the account or benefit of persons in
the United States or "U.S.
Persons", as such term is defined in Regulation S promulgated under
the U.S. Securities Act, unless registered under the U.S.
Securities Act and applicable state securities laws or pursuant to
an exemption from such registration requirements.
Forward-Looking Statement
This release includes forward-looking information and
forward-looking statements within the meaning of Canadian
securities laws regarding VOTI and its business, including, without
limitation, with respect to the expected use of proceeds of the
Offering and. Often, but not always, forward-looking information
can be identified by the use of words such as "plans", "is
expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative 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. Such statements are based
on the current expectations of the management of VOTI, and are
based on assumptions and subject to risks and uncertainties.
Although the management of VOTI believes that the assumptions
underlying these statements are reasonable, they may prove to be
incorrect. The forward-looking events and circumstances discussed
in this release may not occur by certain specified dates or at all
and could differ materially as a result of known and unknown risk
factors and uncertainties affecting the company, including risks
regarding the threat detection technology industry, failure to
obtain regulatory approvals, economic factors, management's ability
to manage and to operate the business of VOTI, the equity markets
generally and risks associated with growth and competition.
Although VOTI has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Accordingly, readers
should not place undue reliance on any forward-looking statements
or information. No forward-looking statement can be guaranteed.
Except as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and
VOTI does not undertake any obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise. In addition, the current
situation and future developments with respect to the COVID-19
pandemic could cause certain of the assumptions and information set
forth herein or the fact that on which such assumptions are based
to differ materially from previous expectations including in
respect of demand for our products, supply chain and availability
of materials, mobility and shipping of materials and or products,
access to debt and equity capital and other factors identified in
VOTI's most recently filed management's discussion and analysis and
in other publicly filed documents under VOTI's profile on SEDAR at
www.sedar.com, as well as other unknown risks.
SOURCE VOTI Detection Inc.