Offering funds C$300,000 down payment to Auersoft, sales and marketing
By Devika Patel
Knoxville, Tenn., May 30 - VisualVault Corp. said it raised C$1.08 million in a private placement of units on May 24.
The company sold 2,560,830 units of one common share and a warrant at C$0.42 per unit.
Each warrant is exercisable at C$1.00 for two years. The strike price is an 81.82% premium to the May 23 closing share price of C$0.55.
Proceeds will be used for the initial C$300,000 down payment to Auersoft, LLC, for sales and marketing programs and for general working capital.
The software company is based in Vancouver, B.C.
| Issuer: | VisualVault Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1,075,540
|
| Units: | 2,560,830
|
| Price: | C$0.42
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Settlement date: | May 24
|
| Stock symbol: | CNSX: VVT
|
| Stock price: | C$0.55 at close May 23
|
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