Binovi Technologies Corp (CVE:VISN) (OTCMKTS:BVNIF) has closed its previously announced placing, raising C$1,701,553.
The tech group issued over 13.3 million units at C$0.1275 a throw. Each unit consisted of one company share and one share purchase warrant.
READ: Binovi Technologies raising C$1.7 million to fund K-12 education platform, Vima Strobe integration
"The company intends to use the net proceeds from the private placement towards the expansion of its platform into K-12 Education, integration of the Vima Strobe technology, manufacturing of Binovi Touch hardware, and general corporate development and working capital," it said in a statement.
Each warrant entitles the holder to buy a share at an exercise price of C$0.40 per warrant share at any time until October 5, 2022.
The warrants are subject to an acceleration clause whereby if the share price is equal to or greater than C$0.45 for five consecutive trading days, the firm may, by notice to the holder, reduce the remaining exercise period to not less than 30 days.
All securities issued in connection with the financing are subject to a four-month hold period, which expires on February 7 next year.
Binovi is developing a mobile-first software-centered service platform for the vision development, vision rehabilitation, and vision performance industries.
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