VOGOGO INC. ANNOUNCES INTENTION TO CONDUCT A NON-BROKERED PRIVATE PLACEMENT
CALGARY, ALBERTA – October 23, 2017 (“Vogogo” or the “Company”) (TSX VENTURE: VGO) today announces that it will conduct a non-brokered private placement of units of the Company (“Units”), for aggregate gross proceeds of up to $6,000,000 at a price of $0.10 per Unit (the “Offering”). Each Unit will consist of one common share in the capital of the Company (“Common Share”) and one full common share purchase warrant (a “Warrant”), with each Warrant being exercisable to acquire one additional Common Share (a “Warrant Share”) at a price of $0.13 per Warrant Share, for a period of 24 months following the closing of the Offering.
Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange (“TSXV”).
Proceeds of the Offering will be used for general corporate purposes and to augment the Company’s cash reserves. The Company believes that increasing its cash reserves and adding certain investors to the Company’s shareholder base will enhance its ability to source a potential transaction or vend-in opportunity.
Units acquired by placees under the Offering will be subject to a four-month hold period from the date of completion of the Offering, in accordance with applicable securities legislation.
Vogogo Inc. has provided payment processing and related transaction risk services. During 2016, Vogogo discontinued its payment and related risk services, and the Company is energetically assessing alternative business opportunities.
For information or interview please contact:
Chief Executive Officer and President
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