Vinergy Capital Inc. announced a non-brokered private placement of 7,500,000 units of the company at CAD 0.20 per unit for gross proceeds of CAD 1,500,000 on September 26, 2023. Each unit will consist of one common share in the capital of the company and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share at a price of CAD 0.30 for a period of 24 months from the closing of the offering.

The offering is expected to close on October 3, 2023. In connection with the offering, the company may pay certain finders a cash commission equal to up to 6% of the aggregate gross proceeds raised from those purchasers introduced by such finder and/or issue such finder such number of non-transferable share purchase warrants equal to up to 6% of the total number of units sold to investors introduced by such finder, which provide that such finder may acquire shares at CAD 0.30 per finder?s warrant share for a period of 24 months from the closing of the offering. Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange.

All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The offering is not subject to a minimum aggregate amount of subscriptions.