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Ynvisible Interactive Inc., announces that it has arranged a non-brokered private placement financing of up to 20,000,000 units at a price of $0.10 per Unit to raise gross proceeds of up to $2,000,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant. Each Warrant shall be exercisable into one additional common share at a price of $0.14 per share for a period of three years from the date of closing of the Private Placement.
Proceeds from the Private Placement will be used as working capital and for general corporate purposes. All securities to be issued by Ynvisible pursuant to the Private Placement will be subject to a statutory hold period expiring four months and one day from the date of closing of the Private Placement in accordance with applicable Canadian securities laws. Completion of the Private Placement is subject to customary closing conditions, including acceptance of the TSX Venture Exchange (TSXV).
The Company may engage certain qualified finders to assist in fulfilling of the Private Placement by introducing the Company to potential Investors who wish to participate in the Private Placement, and pay finder’s fees in accordance with TSX Policies.
Insiders of the Company may participate in the Private Placement. Such participation will constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and the Company will rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities purchased by insiders, nor the consideration for the securities paid by such insiders, will exceed 25% of the Issuer’s market capitalization.
The securities described herein 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 may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
