TAAT Global Alternatives Inc. (CSE: TAAT) reported on Wednesday that it has closed an additional private placement of $10.0 million. The financing is a follow-on to a previous private placement conducted a year ago that saw participation from the same group of venture investors.
Under the terms of the additional placement, the company sold 3,333,333 company units at $3.00 per unit. Each unit is composed of one common share and one-fourth of a share purchase warrant. Each whole warrant is exercisable to purchase a common share at $3.50 per share within two years after the transaction closes.
The same group of investors, led by Horizon Ventures co-founder Debbie Chang, also subscribed to the previous private placement for total proceeds of $6.75 million, with a selling price of $1.30 per unit. The warrants related to that placement were also voluntarily exercised, increasing the investment by $10.0 million. After giving effect to this recent financing, this group of investors has invested a total of $26.75 million in the company.
Earlier this month, the firm reported $1.3 million in revenue for its fiscal Q3 2021.
TAAT Global Alternatives last traded at $3.80 on the CSE.
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