Vision Marine Technologies Inc. to raise approximately $2 million
February 20 2023 - 11:00AM
Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or
the “Company”), a global leader and innovator within the
performance electric recreational boating industry, today announced
that it has entered into a definitive agreement with an investor
for the issuance and sale of 475,059 of its common shares
for a price of $4.21 per share, for gross proceeds of
approximately $2 million, in a registered direct offering.
Additionally, Vision Marine will issue to the
investor in a concurrent private placement, warrants to purchase up
to 475,059 common shares, which represents 100% of the number of
common shares issued in the registered direct offering. The
warrants will have an exercise price of $4.21 per share, will be
exercisable six (6) months following the issuance date and will
expire three (3) years following the issuance date.
Roth Capital Partners served as sole placement
agent for the transaction. The offering is expected to close on
February 21, 2023, subject to customary closing conditions.
The Company intends to use the net proceeds from
the offering for working capital and general corporate
purposes.
The shares described above are being offered by
Vision Marine pursuant to a registration statement (File No.
333-267893) previously filed with and subsequently declared
effective by the Securities and Exchange Commission (the “SEC”). A
prospectus supplement relating to the offering will be filed with
the SEC and will be available on the SEC’s website at
http://www.sec.gov.
The warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and, along with the common shares underlying the
warrants, have not been registered under the Act, or applicable
state securities laws. Accordingly, the warrants and underlying
common shares may not be offered or sold in the United States
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Copies of the final prospectus supplement and
accompanying base prospectus relating to this offering may be
obtained, when available, from Roth Capital Partners, 888 San
Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147
or by accessing the SEC’s website, www.sec.gov.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (Nasdaq: VMAR),
strives to be a guiding force for change and an ongoing driving
factor in fighting the problems associated with waterway pollution
by disrupting the traditional boating industry with electric power,
in turn directly contributing to zero pollution, zero emission and
a noiseless environment. Our Flagship E-Motion™ 180E electric
marine powertrain is the first fully electric purpose-built
outboard powertrain system that combines an advanced battery pack,
inverter, and high efficiency motor with proprietary union assembly
between the transmission and the electric motor design utilizing
extensive control software. Our E-Motion™ and related technologies
used in this powertrain system are uniquely designed to improve the
efficiency of the outboard powertrain and, as a result, enhance
both range and performance. Vision Marine continues to design,
innovate, manufacture, and sell handcrafted, environmentally
friendly, electric recreational boats to customers. The design and
technology applied to our boats results in far greater enhanced
performance in general, higher speeds, and longer range. Simply
stated, a smoother ride than a traditional internal combustion
engine (ICE) motorboat.
Forward-Looking Statements
Certain statements made in this press release
are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. For example, when Vision Marine
discusses the expected closing of the registered direct offering
and the concurrent private placement; anticipated use of proceeds
of the registered direct offering and the concurrent private
placement; and the Company's ability to obtain the requisite
approvals and confirmations noted herein, it is using
forward-looking statements. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, actual
results may differ materially from these expectations due to
changes in global, regional, or local economic, business,
competitive, market, regulatory and other factors, many of which
are outside of Vision Marine’s control. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements are set forth in Vision Marine’s Annual
Report on Form 20-F, filed with the U.S. Securities and Exchange
Commission (SEC) for the year ended August 31, 2022, as such
factors may be updated from time to time in Vision Marine’s
periodic filings with the SEC. Any forward-looking statement in
this press release speaks only as of the date of this release.
Vision Marine undertakes no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities
laws. https://visionmarinetechnologies.com.
Investor and Company Contact:Bruce NurseVision Marine
Technologies Inc.(800)
871-4274bn@v-mti.comwww.visionmarinetechnologies.com
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