VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Further to its news release of November 17, 2017, Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST)(OTC:VSQTF)(FWB:6F6) is pleased to announce it has closed its non-brokered private placement offering (the “Offering”) issuing 6,666,667 units (the “Units”, and each a “Unit”) to strategic investor, Mehdi Khimji.

Each Unit, consisting of one common share and one-half of one common share purchase warrant, was issued at a price of $0.75, thereby raising gross proceeds of $5,000,000. Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $1.50 for a period of 12 months from the date of issuance. 

All of the securities issued pursuant to the Offering are subject to a statutory hold period of four months and the proceeds from the Offering will enable Victory Square, as an early proponent of Blockchain entrepreneurs to fund acquisitions of, and investments in, emerging blockchain technology opportunities in order to further the Company’s blockchain vertical.

Mr. Khimji, a co-founder of Highgate Capital Inc., is an industry-leading investor and manager of hospitality assets throughout the United States and Europe. He has also made several successful venture capital investments in the technology and gaming sectors and, with 30 years’ experience in hospitality, gaming and venture capital, he is an ideal strategic investor for Victory Square.

Mr. Khimji now holds 6,666,667, representing approximately 10.7% of the issued and outstanding shares of the Company.  In addition, he holds Warrants to purchase a further 3,333,334 common shares. Assuming full exercise of the Warrants, Mr. Khimji would hold 10,000,001 common shares or approximately 14.5% of the then issued and outstanding common shares of the Company.  He has purchased 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.

A copy of the early warning report filed in connection with the aforementioned investment is available on the Company’s profile on SEDAR at www.sedar.com or may be obtained by contacting Rick Whitworth at 972-444-9700.

For further information about the Company, please contact:

Howard Blank, Director
Email: ir@victorysquare.com
Telephone: 604-928-6066

ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a venture builder that creates, funds and empowers entrepreneurs predominantly focused on Blockchain Technology, Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. As a technology incubator, Victory Square invests in game-changing entrepreneurs who are provided access to education programs, global mentorship networks, distribution partners, creative workspaces, resources and other forms of operational support to help them scale internationally. For more information, please visit www.victorysquare.com.

ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
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FORWARD-LOOKING INFORMATION
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Victory Square. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including future plans. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Victory Square can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.