Vision Marine Technologies Inc. announced that it has entered into subscription agreements with investors to issue an aggregate of 372,870 units at a price of $4.05 per unit for the gross proceeds of $1,510,123.5 on a best efforts basis on September 18, 2023. Each of the units issued pursuant to the private placement is comprised of one common share and one common share purchase warrant. Each full warrant will be exercisable six months from the date of issuance and entitle its holder to acquire one additional common share at a price of $4.05 per common share, subject to adjustments as set forth therein, and will expire three years from the date of issuance.

The closing of the private placement is expected to occur on or about September 20, 2023, subject to the satisfaction of certain customary closing conditions set forth in the subscription agreements. The securities were offered in a private placement under the Securities Act of 1933, as amended or promulgated thereunder and have not been registered under the Act, or applicable state securities laws. The securities issuable pursuant to this Offering will be subject to a four month and one day hold period under applicable securities laws in Canada.