Venzee Technologies Closes Additional Tranche of Convertible Debenture Financing

CHICAGO, October 14, 2022 /CNW/ – Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) (“Venzee” or the “Company“), the artificial intelligence platform for product data, is pleased to inform shareholders of the closing of its non-brokered private placement, as previously announced on June 23, 2022, July 23, 2022, July 28, 2022 and August 30, 2022. Principal sum of Debentures issued in all Tranche Closings totals CAD $275,000.

Venzee Technologies, Inc. (CNW Group/Venzee Technologies Inc.)

In connection with the debenture offering, the Company paid a finder’s fee to certain registered brokerage firms, consisting of a cash payment of $18,000 and the issuance of 360,000 warrants on the same terms and conditions as the warrants.

CEO of Venice John Abrams said, “We deeply appreciate the continued support of our investors. Our recent advancements validate for customers and investors the enormous potential of Venzee to eliminate supply chain inefficiency through our modern artificial intelligence platform.

The debentures have a maturity date of three (3) years from the date of issue and will bear interest at the rate of 5% per annum, payable every six (6) months. The principal amount of the Debentures, or any part thereof, is convertible at the option of the holder, at any time after six (6) months, into Debenture Units (each, a “Debenture Unity“) to CAD $0.05 per debenture unit for the first year. In subsequent years, the debentures are convertible at the greater of $0.10 or market price. Each Debenture Unit consists of one common share (a “To share“) and one common share purchase warrant (a “To guarantee“) with each Warrant exercisable with CAD $0.08 for 36 months from the date of issue. The Warrants will also be subject to an acceleration clause whereby, in the event that the volume weighted average trading price of the Company’s shares on the TSX Venture Exchange (the “Swap“), or any other stock exchange on which the Company’s Shares are then listed, is equal to or greater than $0.25 during a period of 30 consecutive trading days, the Company shall have the right, but not the obligation, to bring forward the expiry date of the Warrants by notifying the holders in writing that the Warrants will expire on a date which is not less than 30 days from the date of notification.

The Debentures, Debenture Units, Warrants and any Common Shares resulting from the conversion of the Debentures or the exercise of the Debenture Warrants will be subject to a hold period of four months and one day after their date of issue. . The Company will use the proceeds of the Debenture Offering for general corporate purposes.

On August 30, 2022, the Company announced the grant of 7,536,430 performance share units under the Company’s Omnibus LTIP plan. The Company’s Board of Directors has subsequently determined that this award does not serve the best interests of the Company’s employees and management at this time.

About Venzee Technologies, Inc.

Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to accelerate time to market and create competitive advantages in the supply chain. Venzee’s smart platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.

Venzee believes that smart supply chain functionality is inevitable and will significantly benefit producers, manufacturers, brands, sellers, regulators and consumers. Venzee is laying the foundation for a future where transparent, accurate and automated data flow simplifies processes, eliminates friction and creates value for everyone who depends on the myriad of data and information surrounding any product. , anywhere.

Venzee unlocks shareholder value by fulfilling its mission to create smart technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and replaces inefficient manual processes in favor of integrated machine-driven solutions.

To learn more about the Venzee platform, go to venzee.com

LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the terms of the offer, the completion of the offer and the intended use of the net proceeds received by the company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information, including but not limited to: business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information on these assumptions as well as on the risks and uncertainties can be found under the heading “Risk factors and uncertainties” in the Company’s management report for the financial year ended. December 31, 2018and the quarter ended August 29, 2019which are available under the Company’s SEDAR profile at www.sedar.comand in other filings the Company has made and may make in the future with applicable securities authorities.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information except as required by applicable securities laws.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Venzee Technologies Inc.

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