Company also plans to consolidate share capital on two-for-one basis
By Devika Patel
Knoxville, Tenn., June 13 - VisualVault Corp. said it has negotiated a C$9.6 million non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.30 per unit.
Each warrant is exercisable at C$0.35 for two years. The strike price is a 40% premium to the June 12 closing share price of C$0.25.
Upon closing the private placement, the company will consolidate its share capital on a two-for-one basis. The total number of post-consolidated units offered will then be 16 million units, priced at C$0.60 per unit. Each two-year warrant will be exercisable at a post-consolidated exercise price of C$0.70 per share.
Proceeds will be used for business development purposes, in particular a focus on selected sub-segments of the health care vertical, the purchase of the assets of Auersoft LLC and general working capital.
The software company is based in Vancouver, B.C.
| Issuer: | VisualVault Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$9.6 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | June 13
|
| Stock symbol: | CNSX: VVT
|
| Stock price: | C$0.25 at close June 12
|
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