Electric boat and outboard manufacturer Vision Marine Technologies has entered into an agreement with investors for the issuance and sale of 493,828 of common shares at $4.05 per share. It would generate proceeds of approximately $2 million in a registered direct offering.
The company will also issue to the investors, in a concurrent private placement, warrants to purchase up to 493,828 common shares that represent 100% of the number of common shares issued in the registered direct offering.
Vision Marine said in a statement that the “warrants will have an exercise price of $4.05 per share, will be exercisable six months following the issuance date, and will expire three years following the issuance date.”
Bancroft Capital acted as placement agent for the transaction. Vision Marine said it will use the net proceeds from the offering for working capital and general corporate purposes.