PowerBand Solutions (TSXV: PBX) this afternoon closed its previously announced private placement. The company managed to raise total gross proceeds of $5.3 million under the financing.
The placement saw a total of 18.3 million units of the company sold at a price of $0.49 each. Each unit contained one common share and one common share purchase warrant. Each warrant is valid for a period of two years from the date of closing and contains an exercise price of $0.49 per share.
Proceeds from the private placement are to be used to fund the continued expansion of the firms US operations, as well as for software development, business development, administration, and for general working capital purposes.
PowerBand Solutions last traded at $0.69 on the TSX Venture.
FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.