Viscount Systems (OTCQB:VSYS), a leading provider of IT-based security software and services, announced that it has completed a private placement of 2,925,000 shares of common stock at a price of CAD$0.08 per share for total proceeds of CAD$234,000. The Company also issued a total of 1,462,500 warrants, each warrant exercisable to acquire an additional share of the Company at an exercise price of CAD$0.16 per share for a period of five years from the closing date.
The securities were issued to a private company, whose managing partner is a member of Viscount’s Board of Directors.
The proceeds from the sale of the shares will be applied towards general working capital purposes. The private placement was offered in Canadian dollars to avoid future warrant fair market valuation re-valuations. The holders of Series A Convertible Redeemable Preferred stock of the Company have waived their ratchet rights, which were triggered by this private placement.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Viscount Systems Viscount Systems, Inc. is a global security software solutions company that is changing the way access control is deployed and managed in the enterprise. Its revolutionary Freedom Software is the first access control system that allows ID devices to be connected to standard IT networks without requiring local control panels. Freedom brings cyber security protection to access control, reduces the cost of deployment and long term ownership, and provides a future-proof platform for unifying physical and logical security applications. To learn more, visit http://www.viscount.com.
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