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.
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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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