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Vancouver, British Columbia--(Newsfile Corp. - November 4, 2024) - Ynvisible Interactive Inc. (TSXV: YNV) (FSE: 1XNA) (the "Company" or "Ynvisible") announces that further to its release of October 18, 2024, it has closed its non-brokered private placement financing of common shares (the "Private Placement").
The Company received subscriptions for the entire Private Placement of 5,000,000 common shares of the Company (the "Shares", and each, a "Share") at a price of $0.10 per Share, raising aggregate gross proceeds of $500,000.
Proceeds from the Private Placement will be used as working capital and for general corporate purposes. All Shares issued by Ynvisible pursuant to the Private Placement are subject to a statutory hold period expiring March 5, 2025, being four months and one day from the date of closing of the Private Placement in accordance with applicable Canadian securities laws. The Private Placement remains subject to final acceptance of the TSX Venture Exchange.
The Chief Executive Officer and a director of the Company participated in the Private Placement by purchasing an aggregate of 450,000 Shares. Such participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the closing of the Private Placement as the details of the participation therein by related parties of the Company had not been determined until shortly prior to closing of the Private Placement.
The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Ynvisible
Ynvisible is disrupting the low-cost and ultra-low-power display industry thanks to the latest advantages in sustainable electronics and roll-to-roll printing production. Ynvisible's printed e-paper displays are ideal for low-power and cost-sensitive applications, such as digital signage, smart monitoring labels for supply chain and logistics, visual indicators for medical and diagnostics, or retail labels and signage. Ynvisible has experience, know-how, and intellectual property in electrochromic materials, inks, and systems, and offers a mix of services, technology and products to brand owners developing smart objects and IoT products. Additional information on Ynvisible is available at www.ynvisible.com.