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Binovi Technologies raising C$1.7 million to fund K-12 education platform, Vima Strobe integration

The funds raised will go towards expanding the group's K-12 education platform as well as the integration of the Vima Strobe technology

Binovi Technologies Corp. -
the company is offering just over 13.3 million units priced at C$0.1275 per unit to raise gross proceeds of $1,701,553

Binovi Technologies Corp (CVE:VISN) (OTCMKTS:BVNIF) said Friday evening that it expects to close a C$1.7 million financing by October 6.

The funds raised will go towards expanding its K-12 education platform as well as the integration of the Vima Strobe technology, the Toronto-based company said in a statement.

Additional funds will be used to manufacture the Binovi Touch hardware as well as general corporate purposes, according to the firm.

READ: Binovi Technologies congratulates Dallas Stars on NHL Western Conference Championship

Under the term sheet, the company is offering just over 13.3 million units priced at C$0.1275 per unit to raise gross proceeds of $1,701,553.

Each unit is comprised of one share and one warrant exercisable at C$0.40 for a two-year period, subject to an acceleration clause.

Company insiders are participating to the tune of C$204,000, according to the statement.

Binovi is developing a mobile-first software-centered service platform for the vision development, vision rehabilitation, and vision performance industries.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Binovi Technologies Corp.

Price: 0.13 CAD

TSX-V:VISN
Market: TSX-V
Market Cap: $14.57 m
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