Vision Marine Technologies Inc. announced that it has entered into a securities purchase agreement to issue 3,000 series A convertible preferred stock at an issue price of $1,000 per share and Warrants to purchase up to 2,857,142 of its common shares at an exercise price of $1.05 for the gross proceeds of $3,000,000 on December 13, 2023. Investors were also granted an option to purchase up to an additional 3,000 shares of Series A Preferred Shares and up to an additional 2,857,142 Warrants for a period of six (6) months from the execution of the definitive securities purchase agreements. The shares of Series A Preferred Shares are initially convertible into an aggregate of 2,857,142 common shares of the Company at a conversion price of $1.05 per share, as may be adjusted, for a period of twelve (12) months, at which time the Series A Preferred Shares becomes mandatorily convertible, subject to a potential price adjustment at maturity. The Warrants have an exercise price of $1.05 per share and will expire five (5) years from the date of issuance.

The company has raised $2,900,000 from 11 investors pursuant to an exemption provided under regulation D. The company has paid agent fees of $174,000.