CEO participates in private placement of 171,429 common shares at $1.75 per share
MONTREAL, Nov. 18, 2019 /CNW Telbec/ - VOTI Detection Inc. (TSXV: VOTI) ("VOTI" or the "Company") announces it has closed a private placement on November 15, 2019 of 171,429 common shares for aggregate proceeds of $300,000 at $1.75 per common share. This amount includes an additional investment in common shares by Rory Olson, the President and CEO of VOTI, as well as new investments from an employee and supplier. The private placement is exempt from the valuation and minority approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions as the amount invested by Mr. Olson is below 25% of the market capitalization of VOTI. The proceeds of the private placement will be used for working capital and general corporate purposes. All common shares issued pursuant to the private placement are subject to a hold period that expires on March 15, 2020.
VOTI also announces that on November 14, it granted incentive stock options to certain of its executives and employees to acquire a total of 320,000 common shares of the Company pursuant to the Company's stock option plan (the "Option Plan"). The options are exercisable at a price of $1.75 and are subject in all respects to the terms of the Option Plan and the requirements of the TSXV.
About VOTI Detection
About VOTI Detection
VOTI Detection, headquartered in Montreal, Quebec, and listed on the TSX Venture Exchange, is a leading-edge Canadian technology company that develops latest-generation X-ray security systems based on 3D Perspective™ technology. VOTI's technology produces remarkably sharp and more revealing X-ray images that are competitively superior while delivering enhanced threat detection capabilities and an improved user experience. Since its inception, VOTI has installed scanners in more than 50 countries and has consulted heavily with government agencies and security specialists worldwide to develop feature-rich and easy-to-use scanners that meet the sophisticated needs of modern security screening operations. www.votidetection.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE VOTI Detection Inc.
For further information: Michael Ickman, Chief Financial Officer, (514) 782-1566, [email protected]