Vision Marine Technologies Inc. Announces Close of $3.0 Million Private Placement of Convertible Preferred Shares and Warrants with Investissement Québec
MONTREAL, QC / January 18, 2024 / Vision Marine Technologies Inc., (NASDAQ: VMAR) ("Vision
Marine" or the "Company"), a global leader and innovator within the performance electric recreational
boating industry, announced today that it has entered into a definitive securities purchase agreement with
the Government of Quebec, through Investissement Québec (the “Investor”) for the sale of its preferred
shares and warrants. Vision Marine sold 3,000 convertible Series B Preferred Shares, with a stated
value of US$1,000 per share, and warrants to purchase up to 2,857,142 of its common shares for gross
proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses. The
Series B Preferred Shares are initially convertible into an aggregate of 2,857,142 common shares of the
Company at a conversion price of US$1.05 per share, as may be adjusted, for a period of twelve (12)
months, at which time the Series B Preferred Shares becomes mandatorily convertible, subject to a
potential price adjustment at maturity. The Warrants have an exercise price of US$1.05 per share and will
expire five (5) years from the date of issuance.
