Victory Square Technologies Inc. Announces Private Placement

Victory Square Technologies (CSE:VST) and Mr. Mehdi Khimji have announced they have entered into a subscription agreement pursuant to which Mr. Khimji will acquire common shares and warrants of the company.
As quoted in the press release:

Pursuant to the Agreement, Mr. Khimji has agreed to purchase 6,666,667 units (each a “Unit“) at a price of $0.75 per Unit. Each Unit will consist of one common share of the Company (each a “Share“) and one-half of one Share purchase warrant. Each whole warrant will entitle the holder to purchase one Share at a price of $1.50 per Share for a period of 12 months from the date of issuance.
The private placement allows Victory Square, as an early proponent of Blockchain entrepreneurs and companies, to continue its efforts investing in the most promising and disruptive Blockchain-enabled opportunities.
“We see this as not only a strong vote of confidence in our technology and innovative vision for the Company but as a very welcome fit in terms of strategic alignment,” said Shafin Tejani, Chief Executive Officer of Victory Square. “We have had many other expressions of interest from qualified investors but none that bring this mix of financial strength and the proven track record of Mehdi Khimji. We’re obviously very pleased to welcome Mr. Khimji to the Victory Square family.”
Upon completion, Mr. Khimji will hold 6,666,667 Shares and warrants to purchase a further 3,333,334 Shares. The acquired Shares will represent approximately 10.7% of the issued and outstanding Shares as of the date of the Agreement. Assuming full exercise of the warrants, Mr. Khimji would hold 10,000,001 Shares, representing approximately 15.2% of the issued and outstanding Shares as of the date of the Agreement.
Completion of the proposed transaction is subject to the satisfaction of certain conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the Canadian Securities Exchange.
Mr. Khimji is purchasing the securities for investment purposes and may, depending on market and other conditions, or as future circumstances may dictate, from time to time, increase, dispose, or convert, as the case may be, some or all of the securities he will hold, or may continue to hold his position.

Click here to read the full press release.