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.
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