Visionstate Receives Private Placement Approval from TSXV

Visionstate (TSXV:VIS), a company that invests in sustainable energy announced that it has received acceptance for its non-brokered private placement. The company raised over C$260,000 in funds in over 10.4 million units that were sold for $0.025 per unit, where each represented one common share in addition to half of one purchase share warrant.

As quote din the press release:

Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.05 per Common Share for a period of one (1) year following the date of closing (the “Warrant Term”).  In the event the Common Shares close at a price of greater than $0.075 per Common Share for a period of greater than twenty (20) consecutive trading days, then the Warrant Term shall be automatically accelerated and shortened from one (1) year to thirty (30) calendar days following the date a press release is issued by the Company announcing the reduced Term, and the issuance of the press release shall be deemed to be sufficient notice to all warrant holders of the shortened Warrant Term as a result of the acceleration.

The pricing of the Private Placement was made in reliance on the temporary relief measures established by the TSX Venture Exchange Bulletin dated April 7, 2014.  The price per Common Share was set at the last trading price on the TSX Venture Exchange before the issuance of the initial press release.

Click here to read the full press release.