Vision Marine Announces Closing of Registered Direct Offering

Source: www.gulfoilandgas.com 1/27/2023, Location: North America

Vision Marine Technologies Inc., a global leader and innovator within the performance electric recreational boating industry, a global leader and innovator within the performance electric recreational boating industry, announced the closing of its registered direct offering with certain investors for the issuance and sale of 554,253 of its common shares at a price of $4.21 per share, for gross proceeds of approximately $2.3 million.

Additionally, Vision Marine issued to the investors in a concurrent private placement, warrants to purchase up to 554,253 common shares, which represented 100% of the number of common shares sold in the registered direct offering. The warrants have an exercise price of $4.21 per share, are exercisable six (6) months following the issuance date and will expire three (3) years following the issuance date.

Roth Capital Partners served as sole placement agent for the transaction.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

The shares described above were offered by Vision Marine pursuant to a registration statement (File No. 333-267893) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov.

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the common shares underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying common shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

In connection with the registered direct offering and private placement described above, the Company entered into an agreement with an investor for the purchase of an aggregate of 1,187,648 common shares and common share equivalents, and warrants to purchase up to 1,187,648 common shares, on the same terms as the securities sold in the closed offering. As of the date of this press release, such investor has not paid the purchase price for such securities and the Company is evaluating its remedies including pursuing legal action against the investor if necessary.


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