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Vision Marine Technologies Inc. Private Placement Report: $5.3M Raised!

$VMAR
Form 6-K
Filed on: 2025-01-17
Source
Vision Marine Technologies Inc. Private Placement Report: $5.3M Raised!

Key Information Extracted from the Financial Report (Form 6-K)

  1. Company Information:
  • Name: Vision Marine Technologies Inc.
  • Address: 730 Boulevard du Curé-Boivin, Boisbriand, Québec, J7G 2A7, Canada.
  • Commission File No: 001-39730.
  1. Report Filing Date: January 12, 2025.
  2. Private Placement Details:
  • Date of Agreement: January 12, 2025.
  • Securities Issued:
    • 4,256,400 common shares.
    • 450,000 pre-funded warrants (each convertible into one common share).
    • 2,353,200 common warrants (each convertible into one common share).
  • Purchase Price: US$1.25 per common share or pre-funded warrant, and half a common warrant.
  • Gross Proceeds: US$5,883,000.
  • Net Proceeds: Approximately US$5.3 million (after placement agent fees).
  1. Warrant Details:
  • Pre-Funded Warrants:
    • Exercise price: CAD$0.001.
    • Immediately exercisable and can be used until fully exercised.
    • Beneficial ownership limitation: 4.99%.
  • Common Warrants:
    • Exercise price: US$1.50 per share.
    • Immediately exercisable with a term of five and a half years.
    • Beneficial ownership limitation: 4.99%.
  1. Restrictions and Agreements:
  • Prohibition on issuing additional common shares or equivalent securities for 60 days post-closing.
  • No variable rate transactions for 18 months following the closing, with an exception for transactions through an at-the-market facility.
  • Registration Rights Agreement: The company must file a registration statement for the shares issued within 10 days and ensure it is effective within 45-60 days post-closing.
  1. Placement Agent Agreement:
  • Agent: ThinkEquity LLC.
  • Fees:
    • Cash fee of US$470,640 (8% of gross proceeds).
    • Reimbursement of US$125,000 for expenses.
    • Issuance of 235,320 placement agent warrants (5% of shares sold).
  • Placement agent warrants are exercisable at US$1.50 for five and a half years.
  1. Press Releases:
  • Issued on January 13, 2025, announcing the private placement.
  • Issued on January 16, 2025, announcing the closing of the private placement.
  1. Incorporation of Information:
  • The information in this report is incorporated into several registration statements with the SEC.

Summary

Vision Marine Technologies Inc. successfully conducted a private placement on January 16, 2025, raising approximately US$5.3 million in net proceeds. The offering included common shares and warrants, subject to specific restrictions on future issuances and a commitment to register the securities with the SEC. The company engaged ThinkEquity LLC as a placement agent, compensating them with cash fees and warrants. The financial report indicates a strategic move to bolster working capital through this capital raise.