2022-05-06 | TSXV:VENZ | Press Release

CHICAGO, May 6, 2022 /PRNewswire/ – Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) (“Venice” or the “Company“), the artificial intelligence (“AI”) platform for product data, announced it has closed a non-brokered private placement, previously announced on March 30, 2022 at $405,200 CAD issuing 5,065,000 units. The Company now intends to complete a new non-brokered private placement of units of the Company (“Units”) at a price of $0.05 per Unit, for anticipated gross proceeds of $1.0M CAD (“the revised Offering”).

john abramsCEO of Venzee, said, “Although we have continued demonstrable shareholder support, in all fairness we believe we had to reprice our offering to reflect current worldwide market conditions.”

With respect to the revised Offering, each Unit is comprised of one common share of the Company and one common share purchase warrant, with each warrant being exercisable for one common share at an exercise price of $0.10 per common share at any time up to 36 months following the closing date of the private placement. The warrants are also subject to acceleration in the event the volume-weighted average trading price of the common shares on the TSX Venture Exchange (TSX-V) is equal to or greater than $0.25 for a period of 10 consecutive trading days. In such case, the Company may, but shall have no obligation to, accelerate the expiration time of the warrants to a date that is 30 days following the date of issuance of a press release by Venzee announcing its intention to accelerate the expiration time.

In connection with the revised Offering, the Company intends to pay finders’ fees to certain registered brokerage firms, comprising of cash payment equal to 8% of the gross proceeds raised by purchasers introduced by such brokers, and the issuance of non-transferable compensation warrants equal to 8% of the number of Units purchased by purchasers introduced by such brokers. Such compensation warrants will be issued on substantially the same terms and conditions as the Warrants, with an exercise price of $0.10.

The net proceeds received by the Company from the Offering are expected to be used for general working capital purposes, further advancing the Company’s channel partnership business model and completing generating revenue connection requests from its channel partners and brands.

Subject to customary closing conditions, including the approval of the TSXV, the first tranche of the Offering is expected to close on or before May 31, 2022. However, there is no assurance that the Company will complete the Offering upon the terms set out above, or at all.

About Venzee Technologies, Inc.

Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to speed time to market and create competitive supply chain advantages. Venzee’s intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.

Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.

Venzee unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connectorâ„¢ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.

To learn more about the Venzee platform, visit venzee.com

Twitter: @usevenzee

LinkedIn: linkedin.com/company/venzee-inc/

Podcast: https://www.rethinkingsupplychain.com/

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would” , “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s management’s discussion and analysis for the year ended December 31, 2018and the quarter ended August 29, 2019which are available under the Company’s SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Venzee Technologies Inc.

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