CHICAGO, July 28,
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 that it has closed the first tranche of its
previously announced non-brokered private placement offering (the
"Offering") of unsecured convertible debentures
("Debentures"). The principal sum of Debentures issued in
the first tranche totals CAD $175,000. The Company may close further
tranches.
John Abrams, CEO of Venzee, said,
"We deeply appreciate the continued support from our investors, who
continue to see the progress and enormous potential of Venzee as
the disruptive AI platform for transforming and optimizing supply
chains."
The Debentures will have a maturity date of three (3) years from
the date of issuance and shall bear interest at a rate of 5% per
annum, payable every six (6) months. The principal sum of the
Debentures, or any portion thereof, are convertible at the option
of the holder, anytime after six (6) months, into debenture units
(each, a "Debenture Unit") at CAD $0.05 per Debenture Unit for the first year. In
subsequent years, the Debentures are convertible at the greater of
$0.10 or Market Price. Each Debenture
Unit consists of one common share (a "Share") and one common
share purchase warrant (a "Warrant") with each Warrant
exercisable at CAD $0.08 for 36
months from the date of issuance. The Warrants will also be subject
to an acceleration clause whereby, in the event the volume weighted
average trading price of the Company's shares trading on the TSX
Venture Exchange (the "Exchange"), or any other stock
exchange on which the Company's Shares are then listed, is equal to
or greater than $0.25 for a period of
30 consecutive trading days, the Company will have the right, but
not the obligation, to accelerate the expiry date of the Warrants
by giving written notice to the holders that the Warrants will
expire on a date that is not less than 30 days from the date of
notice.
In connection with the Debenture Offering, the Company paid
finder's fee to certain registered brokerage firms, which was
comprised of cash payment of $14,000
and the issuance of 280,000 finders' warrants upon the same terms
and conditions as the Warrants.
The Debentures, Debenture Units, Warrants and any Common Shares
resulting from the conversion of the Debentures or the exercise of
Debenture Warrants will be subject to a hold period of four months
and one day after the date of issuance thereof. The Company intends
to use the proceeds of the Debenture Offering for general working
purposes.
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
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.