Electric boat and outboard manufacturer Vision Marine Technologies announced that it entered into an agreement with an unnamed investor for the issuance of 475,059 common shares of stock at $4.21 per share, the equivalent of $2 million.
Roth Capital Partners served as sole placement agent for the transaction. The offering is expected to close today.
Additionally, Vision said in a statement that it will issue to the investor warrants to purchase up to 475,059 common shares in a concurrent private placement. The warrants will have an exercise price of $4.21 per share, will be exercisable six months following the issuance date, and will expire three years following the issuance date.
The company said intends to use the net proceeds for working capital and general corporate purposes.
