On November 17, Victory Square Technologies (OTC:$VSQTF) announced that they had entered into a subscription agreement with Mr. Mehdi Khimji, in which Mr. Khimji will acquire warrants and shares of the Vancouver, Canada-based company.
Under the terms of the agreement, Mr. Khimji had agreed to buy 6,666,667 units at a price of $0.75 per Unit. It is important to note that each Unit will be composed of one common share of Victory Square and one-half of one Share purchase warrant. Further, each whole warrant will allow the holder to buy one Share valued at a price of $1.50 per Share for a time-frame of 12 months from the date of issuance.
Essentially, this private placement will allow Victory Square, which is an early advocate of Blockchain companies, to continue to invest in Blockchain enabled opportunities.
Here’s what Victory Square’s CEO Shafin Tejani had to say about the subscription agreement:
“We see this as not only a strong vote of confidence in our technology and innovative vision for the Company but as a very welcome fit in terms of strategic alignment. We have had many other expressions of interest from qualified investors but none that bring this mix of financial strength and the proven track record of Mehdi Khimji. We’re obviously very pleased to welcome Mr. Khimji to the Victory Square family.”
Once finalized, Mr. Khimi will own 6,666,667 Shares and warrants to buy an additional 3,333,334 Shares. The shares that are acquired will represent roughly 10.7% of the issued and outstanding Shares as of the date of the agreement.
For those who don’t know, Victory Square is a venture builder that focuses primarily on creating, funding and empowering entrepreneurs that are focused predominantly on Blockchain Technology.
Featured Image: twitter
