THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
CALGARY, Alberta, Oct. 23, 2017 (GLOBE NEWSWIRE) -- (“Vogogo” or the “Company”) (TSX-V:VGO) today announces that it will conduct a non-brokered private placement of units of the Company (“Units”), for aggregate gross proceeds of up to $6,000,000 at a price of $0.10 per Unit (the “Offering”). Each Unit will consist of one common share in the capital of the Company (“Common Share”) and one full common share purchase warrant (a “Warrant”), with each Warrant being exercisable to acquire one additional Common Share (a “Warrant Share”) at a price of $0.13 per Warrant Share, for a period of 24 months following the closing of the Offering.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange (“TSXV”).
Proceeds of the Offering will be used for general corporate purposes and to augment the Company’s cash reserves. The Company believes that increasing its cash reserves and adding certain investors to the Company’s shareholder base will enhance its ability to source a potential transaction or vend-in opportunity. Units acquired by placees under the Offering will be subject to a four-month hold period from the date of completion of the Offering, in accordance with applicable securities legislation.
About Vogogo
Vogogo Inc. has provided payment processing and related transaction risk services. During 2016, Vogogo discontinued its payment and related risk services, and the Company is energetically assessing alternative business opportunities.
For information or interview please contact:
Gino DeMichele
Chief Executive Officer and President
403-648-9292
READER ADVISORY
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release is not for distribution to United States news services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any State securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this news release includes, but is not limited to the completion of the Offering, insider participation therein, use of proceeds therefrom and payment of finder’s fees. The words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws. See Vogogo’s Annual Information Form for the year ended December 31, 2016 and its Management’s Discussion and Analysis for the three and six month periods ended June 30, 2017 for a detailed discussion of risk factors.