DT CLOSES PRIVATE PLACEMENT FINANCING AND ENTERS INTO MOU TO DEVELOP PROTOTYPE ELECTRIC VEHICLE
Updated: May 28, 2021
PENANG, MALAYSIA - (April 12, 2021) Duesenberg Technologies Inc. (OTCQB: DUSYF) (the “Company” or “Duesenberg”), an OTCQB-listed issuer, announced today that on April 9, 2021, the Company closed a private placement financing by issuing 233,333 shares of its common stock (the “Shares”) at a price of USD$0.75 per Share for total proceeds of USD$175,000 (the “Financing”). The shares were issued pursuant to the provisions of
Regulation S of the United States Securities Act of 1933, as amended (the “Act”) to the persons who are not residents of the United States and are otherwise not “U.S. Persons” as that term is defined in Rule 902(k) of Regulation S of the Act.
The proceeds of the Financing will be used to support development of Duesenberg Electric Vehicle, as well as for day-to-day operations.
For additional information regarding the Financing please refer to the Current Report on Form 8-K the Company filed with the SEC on April 8, 2021.
The above does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States. The securities have not been registered under the Act and may not be offered or sold within the United States or to U.S. persons unless an exemption from such registration is available.
About Duesenberg Technologies Inc.
Duesenberg Technologies Inc. (fka VGrab Communications Inc.) was established out of the collective ambition of investors experienced in the online business and marketing. Our goal was to help entrepreneurs and businesses turn their own ideas and visions into successful companies. With the name change on December 23, 2020, the Company added environmentally friendly technologies to its business strategy. Duesenberg Technologies’ goal is to be climate neutral across its full value chain, in line with the goals set by the Paris Agreement. The Company is committed to energy resiliency through Development in Energy Transition Goal. This strategy identifies an immediate and urgent need to reduce greenhouse gas emissions to help mitigate the effects of climate change, reduce energy use, and improve air quality. The Company is posed to play a vital role in supporting all three of
these objectives by reducing the environmental impact through manufacturing a new type of luxury electric vehicles.