Braille Energy Systems (TSXV: BES) today announced the completion of the first tranche of the company’s previously announced non-brokered placement that sees the company looking to raise $1.5 million in gross proceeds. The tranche saw a total of $1.0 million in gross proceeds raised.
The company indicated that the tranche has closed conditionally, subject to the TSX Venture Exchange’s approval for the creation of Grafoid Inc. as a new Insider of the Company.
A total of 4.7 million units priced at $0.32 per unit were sold under the offering. Each unit contains one common share and one half of a common share purchase warrant. Warrants are valid for a period of two years from the date of issuance and contain an exercise price of $0.50 per share.
The company intends to use gross proceeds from this first tranche to advance strategic investment opportunities.
Braille Energy Systems Inc. last traded at C$0.41 on the TSX Venture.
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