CHICAGO, April 6,
2022 /CNW/ - Venzee Technologies
Inc (TSXV: VENZ) (OTCQB:
VENZF) ("Venzee'' or the "Company"), the
artificial intelligence (AI) platform for product data, is pleased
to announce it has closed the first tranche of a non-brokered
private placement previously announced on March 30, 2022. The Company issued 5,065,000
units (each a "Unit") of the Company at a price of $0.08 per Unit, for aggregate gross proceeds of
$405,200.
The Company is very pleased by the support it received from
Canadian investors with respect to the proceeds raised and
continues to operate on-plan to meet market demand for intelligent
technology to digitize and improve retail supply chain
processes.
With respect to the private placement, 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 $0.12 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 expiry 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 expiry time. The securities issued under this tranche of
the financing are subject to a statutory hold period expiring
August 7, 2022, being four months and
one day from the date of issuance.
In connection with the private placement, the Company has agreed
to pay finders' fees to certain registered brokerage firms,
comprising the payment of an aggregate of $32,416 and the issuance of an aggregate of
405,200 finder's warrants upon the same terms and conditions as the
Units.
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 Connector™ 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, 2018, and the quarter
ended August 29, 2019, which 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.
