Cloud DX (TSX-V:CDX, OTCQB:CDXFF) announced that it will raise up to C$2.8 million through a non-brokered private placement.
The provider of remote patient monitoring solutions said it will sell up to 23,333,334 units at $0.12 each.
Each unit will consist of one common share and a transferable share purchase warrant, with each warrant allowing the holder to acquire an additional share at $0.18 per share for 36 months after closing.
It said it reserves the right to oversubscribe the private placement by up to $500,000, selling another 4,166,667 units, should there be additional demand.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) said the proceeds from the financing will be used for general working capital.