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.
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.
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