EDMONTON, ALBERTA--(Marketwired - June 21, 2016) - Visionstate Corp. (TSX VENTURE:VIS)("Visionstate" or the "Corporation") is pleased to announce that, subject to regulatory approval, the Corporation intends to complete an offering ("Offering") of up to 25,000,000 common shares of the Corporation ("Common Share") at a price of $0.01 per Common Share for gross proceeds of up to $250,000. The pricing of the Offering is made in reliance on the temporary relief measures established by the TSX Venture Exchange Bulletin dated April 7, 2014. The price per Common Share has been set at the last trading price on the TSX Venture Exchange before the issuance of this press release.
In connection with the Offering, Visionstate will be relying on the existing security holders exemption as well as other available prospectus exemptions. For those investors relying upon the exemption for existing security holders, the aggregate acquisition cost to a subscribing shareholder of all securities of Visionstate cannot exceed $15,000 in the previous 12 months, unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the subscriber's jurisdiction. The offer to purchase Common Shares is available to all security holders of Visionstate who held common shares on the record date of June 20, 2016. Shareholders resident in Ontario, Newfoundland and Labrador, and countries other than Canada will need to meet local jurisdiction requirements to participate. If Visionstate receives total subscriptions pursuant to the existing security holders exemption which causes the Offering to exceed $250,000, Visionstate will accept such subscriptions on a first come, first served basis.
Visionstate intends to use the proceeds from the maximum Offering as follows: sensor technology development, marketing and sales of CINDI, the company's new smart device for the hospitality sector, and general operating. Should the maximum Offering not be achieved, the use of proceeds will be adjusted by Visionstate. There is no minimum Offering.
Visionstate Inc., a division of Visionstate Corp (TSX Venture: VIS) is the leader in interactive technology software that connects the world with enhanced guest services in public spaces. Since its first installation in 2005, Visionstate has grown to see its software in buildings throughout Canada and the United States. By engaging customers throughout a facility, from touchscreen directories to mobile applications to cleaning management software, Visionstate adds to a building's experience with its original interactive solutions. More information can be found at www.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.