Victory Square Technologies (CSE: VST) (OTC: VSQTF)
(FRANKFURT: 6F6) (WKN: A2AKL8) this morning announced its plans to convert a
total of $805,240.47, the majority of which encompasses loans advanced to the
company by Victory Square CEO Shafin Diamond Tejani, into common shares in the
capital of the company. The shares would be issued at $1.00 each, representing
a premium of 19% per share, as the current market price is $0.84 per share. The
conversion is subject to all requisite regulatory approvals and all shares
issued shall also be subject to a four month hold period under applicable
Canadian securities laws.
“Mr. Tejani’s conversion of the amount due to him into
Victory Square stock at $1.00 per share has received unanimous endorsement from
the company’s Board of Directors,” Victory Square Audit Committee Chairman
Howard Blank stated in the news release. “The conversion at a large premium to
the current market price reflects Mr. Tejani’s confidence that the company is
overly discounted relative to the operational growth that has been exhibited
thus far in 2018. Victory Square’s management is very pleased with the growth
prospects in its operations and portfolio companies and believes the current
market capitalization does not adequately reflect the value of the company.
With a range of investments in a growing list of innovative portfolio
companies, the company is confident in its near and long-term growth prospects
for its stakeholders.”
To view the full press release, visit http://ibn.fm/efWEC
About Victory Square Technologies Inc.
Victory Square Technologies is an emerging technology
incubator and accelerator. Victory Square portfolio companies are disrupting
every sector of the global economy including Blockchain, Artificial
Intelligence, VR/AR/MR, Gaming and Payments. Victory Square has a proven
process for identifying game-changing entrepreneurs and providing them with the
partners, mentorship and support necessary to accelerate their growth and help
them scale globally. For more information, please visit www.VictorySquare.com.
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