Vision Marine Technologies (VMAR) to raise approximately $2 million

Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or the “Company”), a global leader and innovator within the performance electric recreational boating industry, today announced that it has entered into a definitive agreement with an investor for the issuance and sale of 475,059 of its common shares for a price of $4.21 per share, for gross proceeds of approximately $2 million, in a registered direct offering.

Additionally, Vision Marine will issue to the investor in a concurrent private placement, warrants to purchase up to 475,059 common shares, which represents 100% of the number of common shares issued in the registered direct offering. The warrants will have an exercise price of $4.21 per share, will be exercisable six (6) months following the issuance date and will expire three (3) years following the issuance date.

Roth Capital Partners served as sole placement agent for the transaction. The offering is expected to close on February 21, 2023, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.

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