08:00 AM EDT, 07/09/2024 (MT Newswires) -- Venzee Technologies ( VENZF ) overnight Monday provided an update on its transaction with Digital Commerce Payments Inc., previously announced on May 17, 2024, which has been conditionally approved by the TSXV.

Pursuant to a software right-of-use agreement with DCP, an existing consultant of Venzee ( VENZF ), dated May 16, 2024, Venzee ( VENZF ) agreed to acquire the exclusive right to use certain e-commerce shelf capability software developed by DCP for consideration of C$4,250,000, payable in cash or common shares in the capital of Venzee ( VENZF ). Venzee ( VENZF ) anticipates paying the Purchase Price by issuing 19,318,182 Shares at a deemed issue price of C$0.22 per Consideration Share to DCP pursuant to the policies of TSXV.

Venzee ( VENZF ) expects to hold an annual and special meeting of holders of Shares to approve the transaction and other matters on August 8, 2024.