Vinergy Capital Announces $1.5 Million Financing For Digital Currency Investment Program
Vinergy Capital (CSE: VIN) this morning announced that it will be conducting a private placement at a notable discount to yesterdays closing pricing. The company will be raising a total of $1.5 million in what has been labeled as a “strategic financing.”
The financing will see the company raise a total of $1.5 million through the sale of units of the company at a price of $0.15 per unit, with each unit containing one common share and one half of a common share purchase warrant. Each warrant is valid for a period of 24 months from the date of closing at a price of $0.25 per share.
Notably, an acceleration clause is also present on the warrant, enabling the company to accelerate the expiry of the warrant in the event that the equity trades above $0.50 for a period of ten consecutive days.
Proceedings from the financing are to be used for the firms capital investment program, with the headline indicating that they will be utilized for a blockchain and crypto currency capital allocation strategy. Funds will also be used to supplement general working capital.
The financing is expected to close next week, with the offering reportedly already fully subscribed.
Vinergy Capital last traded at $0.23 on the CSE.
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