BioHarvest Sciences Inc said it has closed the first tranche of its previously-annouced C$13.5 million non-brokered private placement of convertible notes, raising C$11,786,489.90.
The biotech company said the notes have a term of 24 months from date of issuance and bear interest at 12% per annum.
"The closing of this financing round, despite general adverse market conditions, is a strong validation of the company's growth strategy and a vote of confidence as management executes our growth plan," BioHarvest Sciences CEO Ilan Sobel said in a statement.
"The power of our Botanical Synthesis Platform Technology has been demonstrated by the success of VINIA, our first commercialized product, and we are now at an inflection point that enables us to address multiple applications of VINIA in different verticals and in diverse geographies," he added.
The company noted it has paid a total of C$148,719.24 as commissions or finder's fees.
BioHarvest is a biotech company that has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself.
Contact Sean at sean@proactiveinvestors.com