SCOTTSDALE, ARIZONA -- (Marketwired) -- 06/17/13 -- The Board of Directors of VisualVault Corporation (the "Company") (CNSX: VVT) announces that the Company has received subscription agreements on the first tranche of its previously announced $9,600,000 private placement for gross proceeds of $1,400,000. A total of 4,666,667 units have been subscribed for to date.
Each unit consists of one common share and one common share purchase warrant with each warrant exercisable at $0.35 for a period of two years from the closing date.
The net proceeds of the private placement will be used for business development purposes, specifically for developing selected sub-segments of the healthcare vertical, funding the purchase of the assets of Auersoft LLC, and providing general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF VISUALVAULT CORPORATION
Van Potter, President, CEO, Director
About VisualVault Corporation
VisualVault Corporation (Scottsdale, Arizona,) provides business process and secure document management cloud services used to automate critical business processes where security and integrity of unstructured data is needed and compliance requirements are high. The service is unique in its ability to meet the most compelling and underserved needs of a wide range of vertical markets including health care, securities regulation, manufacturing and government.
The forward-looking information contained in this press release is made as of the date of this press release and except as required by applicable law, the company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
Neither the Canadian National Stock Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Financial Officer
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