Vision Marine Technologies Inc. to raise approximately $7.3 million

Montreal, Canada, January 20, 2023 – Vision Marine Technologies Inc. (NASDAQ: VMAR)
(“Vision Marine” or the “Company”), a global leader and innovator within the performance electric
recreational boating industry, today announced that it has entered into a definitive agreement with certain
investors for the issuance and sale of 1,741,901 of its common shares (or common share equivalents) for
a price of $4.21 per share, for gross proceeds of approximately $7.3 million, in a registered direct