VPN Technologies Inc (OTCMKTS:DVPNF) Stock Falls After Private Placement

Provider of Virtual Private Network services to the retail market and SME, VPN Technologies Inc (OTCMKTS:DVPNF) on May 16, 2023, announced closing its oversubscribed non-brokered private placement, in which it issued 15,900,000 units at a price of $0.05 per Unit. This will raise the total gross proceeds of $795,000.

Trading Data

On Tuesday, DVPNF stock decreased 9.72% to $0.1101 with more than 11.50K shares, compared to volume of 941 shares. The stock moved within a range of $0.1101 – 0.1150 after opening trade at $0.1150.

VPN Technologies Announces Closing of Oversubscribed Non-Brokered Private Placement

Every unit will comprise of a single common share as well as a single common share purchase warrant. Every warrant will entitle the holder to buy a single share at a price of $0.075 per share for about a year from the date of closing of the placement. The firm aims to harness proceeds for sales, Research, and Development as well as for general working capital. No finder’s fees were given in connection with the Private Placement.

Paul Dickson, CEO and director of the firm bought 200,000 Units and Curtis Ingleton, CTO, and director bought 400,000 Units in the Private Placement.

All securities issued will be subject to a mandatory 4-month hold period. The firm relied upon section 5.5(b) the “Issuer Not Listed on Specified Markets” as well as 5.7(a) the “Fair Market Value Not More than $2,500,000”.

Greentech Hydrogen Innovations Corp, a wholly-owned subsidiary of VPN Technologies is a startup energy company. The company can identify opportunities for the development of products and services to address growth in long-term hydrogen businesses.