NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
$3,300,000 of Units closed on June 26 and $7.2 million of additional commitments to purchase Units received by Voxtur
GlobeNewswire — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that it has upsized the $4,000,000 non-brokered private placement of Units disclosed in its press release of June 26, 2023 to up to $20,000,000 of Units (the “Offering”).
Following the closing of $3.3 million of Units on June 26, 2023, the Company has received commitments from subscribers for an additional $7.2 million of Units for a total of $10.5 million of Units.
The Offering consists of a non-brokered private placement of up to 100,000,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $20,000,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.20 until June 26, 2028. The Company has agreed in the subscription agreements that following the closing it will apply to the TSX Venture Exchange (“TSXV”) to list the Warrants, subject to meeting the applicable distribution and listing requirements of the TSXV.
On June 26, 2023, the Company closed on $3.3 million of Units and accordingly the Company may issue up to an additional $16.7 million of Units pursuant to the Offering. Commitments of an additional $7.2 million have been received to date.
In addition to the Offering, the Company is evaluating the monetization of non-core assets, the proceeds of which would be used to materially reduce the Company’s debt facilities. Furthermore, the Company has also implemented various internal cost reduction strategies that have resulted in an estimated 35% decrease in compensation costs, fully effective as of June 2023.
The Company also announces that it has entered into agreements whereby cash acquisition bonuses payable to management have been cancelled and will be replaced by a non-cash bonus mechanism to be approved by the Board of Directors (“Board”) upon the recommendation of the Nomination and Compensation Committee of the Board.
By leveraging artificial intelligence, machine learning, and Voxtur’s proptech domain expertise, Voxtur’s platform offers a range of solutions designed to address key pain points throughout the life cycle of a mortgage, including its SaaS-based mortgage asset trading platform, next-gen property valuation solutions, and alternative to title insurance solutions. The Company’s technologies empower industry professionals to streamline workflows, reduce costs, and improve efficiency, ultimately driving better outcomes for businesses and making homeownership more affordable for the consumer.
The proceeds from the Offering will be used for working capital and general corporate purposes. The Offering is expected to close in two or more closings, with the first closing having occurred on June 26, 2023, and the second closing to occur prior to the end of July. The closings are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSXV. The listing of the Warrants is subject to the receipt of all necessary approvals, including the approval of the TSXV.
There is no assurance that additional closings under the Offering will be completed. The securities issued pursuant to the Offering will be subject to a hold period in Canada of four months and a day following the applicable closing date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; integration of acquired businesses; implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Chief Investment Officer
Tel: (416) 708-9764