Kontrol Technologies (NEO: KNR) this morning indicated that it has closed its previously announced private placement. The financing saw the company raise total gross proceeds of C$8.5 million from US-based investors.
Under the terms of the financing, a total of 5.7 million units of the company were sold at a price of $1.50 per unit. Each unit contains one common share and one half of a common share purchase warrant. Each warrant is valid for a period of three years at an exercise price of $1.75 per share.
Proceeds from the financing are to be used for working capital, capital expenditures, and general corporate purposes.
Kontrol Technologies last traded at $1.26 on the Neo.
Information for this briefing was found via Sedar and Kontrol Energy Systems. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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