Vision Marine prices 372,870 units at $4.05 in private placement

Vision Marine Technologies announced that it has entered into subscription agreements with investors to purchase an aggregate of 372,870 units, at a purchase price of $4.05 per unit. The gross proceeds to the company from the private placement are expected to be approximately $1.5M before deducting the placement agent’s fees and other estimated offering expenses. Each of the units issued pursuant to the private placement is comprised of one common share and one common share purchase warrant. Each full warrant will be exercisable six months from the date of issuance and entitle its holder to acquire one additional common share at a price of $4.05 per common share, subject to adjustments as set forth therein, and will expire three years from the date of issuance. The closing of the private placement is expected to occur on or about September 20, subject to the satisfaction of certain customary closing conditions set forth in the subscription agreements and the agency agreement entered into with iA Capital Markets, a division of iA Private Wealth Inc., the exclusive placement agent for the offering.