EDMONTON, Alberta, Jan. 19, 2018 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX VENTURE:VIS) ("Visionstate" or the "Company") announces that the private placement (“Private Placement”) financing announced on January 16, 2018 has received substantial demand and as a result has been enlarged to up to $1,000,000 in order to accept additional valid subscribers. The Private Placement will now consist of up to 20,000,000 units (“Units”) at a price of $0.05 per Unit. Each Unit is comprised of one (1) common share of Visionstate (“Common Share”) and one (1) Common Share purchase warrant, which warrant is exercisable into one (1) Common Share by the payment of $0.075 per warrant for a period of two years following the date of closing (the “Term”). In the event the Common Shares of Visionstate close at a price of greater than $0.15 per Common Share for a period of greater than twenty (20) consecutive trading days, then the Term of the warrant shall be accelerated and shortened from two (2) years to thirty (30) calendar days, and a press release stating this fact shall be deemed to be sufficient notice to all warrant holders of the shortened Term as a result of the acceleration. In all other respects, the terms of the Private Placement will remain the same.
Visionstate intends to use the proceeds from the Private Placement for use in operations, acquisition expenses and general working capital.
About Visionstate Inc.
Visionstate Inc., a division of Visionstate Corp (TSX Venture:VIS) specializes in the Internet of Things and analytics. The Company’s core product, WANDA, is a 10/15 inch smart device used to monitor restroom cleaning, supplies, and maintenance activities. WANDA is installed in locations throughout North America and Europe, including hospitals, airports, office buildings, public facilities and shopping centers.
More information can be found at visionstate.com
Forward Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Visionstate’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Visionstate’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Visionstate assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Contact:
John Putters, CEO
Visionstate Inc.
Ph: 780-425-9460
Email: jputters@visionstate.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.