Visionstate Corp. Announces Private Placement

EDMONTON, Alberta, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX Venture: VIS) ("Visionstate") is pleased to announce that, subject to regulatory approval, the Corporation intends to complete an offering ("Offering") of up to 15,000,000 common shares of the Corporation (“Common Share”) at a price of $0.050 per Common Share for gross proceeds of up to $750,000.

The Offering includes one full warrant at 7 cents for every common share purchased, with an expiry date 36 months after the closing of the private placement. 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.

Visionstate intends to use the proceeds from the Private Placement to invest in corporate development and awareness, general operating capital, as well as investing in the Company’s strategy to expand its Internet of Things technology into the cannabis sector with Freedom Cannabis, which was announced as a non-binding Memorandum of Understanding on January 21, 2021.

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 December 31, 2020. 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 $750,000, Visionstate will accept such subscriptions on a first come, first served basis.

About Visionstate:

Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDATM smart device now extends to hospitals, airports, shopping centers and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.

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.