Venzee Technologies Completes RTO and Concurrent $7.5 Million Financing
Ciudad de México, 10 de enero 2018- Venzee Technologies Inc. (the "Company") (formerly Gold Finder Explorations Ltd.) (NEX:GFN.H) is pleased to announce the completion of the previously announced reverse takeover involving the Company and Venzee Inc. (the "Transaction") as well as the completion of the second tranche of its previously announced CAD$7.5 million concurrent financing (the "Financing"). The Transaction and the Financing were completed on December 21, 2017.
The Company is working to solve one of the biggest challenges facing the US$23 trillion global retail industry: the use of spreadsheets by suppliers and manufacturers to share product information and inventory updates with their retailers. The Company's cloud-based platform uses artificial intelligence to automatically turn product information from suppliers and manufacturers into the requirements of their retailers, removing an unnecessary and labor-intensive step in their workflow. As the Company grows, it is systematically revolutionizing the way e-commerce does business, saving retailers and vendors time and money. As part of its growth strategies, the Company seeks to grow its customer base, expand sales within its customer base, and leverage its technology to offer new solutions including integration and use of blockchains.
The TSX Venture Exchange ("TSXV") issued its conditional approval of the Transaction on November 30, 2017 and the common shares of the Company ("Common Shares") will resume trading on the TSXV under the new ticker "VENZ" after the conditions of the TSXV for listing are satisfied and the TSXV issues its final exchange bulletin confirming the completion of the Transaction.
The Transaction was implemented pursuant to an agreement and plan of merger dated November 6, 2017 between the Company, a newly created wholly-owned subsidiary of the Company and Venzee Inc. (the "Merger Agreement"). Pursuant to the Transaction, the Company acquired all of the issued and outstanding shares of Venzee Inc. and ultimately issued to shareholders of Venzee Inc. an aggregate of 42,040,823 Common Shares. As a result of the Transaction and the issuance of an aggregate of 15,000,000 Common Shares issued at CAD$0.50 per share as part of the Financing, an aggregate of 62,300,746 Common Shares are now issued and outstanding. In connection with the Transaction, and as announced by the Company on December 18, 2017, the Common Shares were consolidated on such date on the basis of one post-consolidation Common Share for every two (2) pre-consolidation Common Share (the "Consolidation").
A copy of the filing statement of the Company dated December 12, 2017 prepared in connection with the Transaction (the "Filing Statement") is available under the Company's profile on SEDAR at www.sedar.com. Additional information on the Transaction is available in the Filing Statement.
About Angel Ventures
Angel Ventures (angelventures.vc) is a venture capital firm focused on early stage investments with high growth potential in the Pacific Alliance region (Mexico, Chile, Colombia, Perú). AV emerged from the clear lack of funding opportunities in the early-stage sector with the mission to bolster the development of startups by linking them with strategic investors. Currently, AV has invested its first USD 20 million fund in 21 companies and has announced the launch of their second fund, the official Pacific Alliance Fund. This new fund has a USD 120 million target size to be invested in the FinTech, Retail, Health, ICTs, and BoP/Agro sectors.