TraceSafe Inc. (CSE:TSF) said it has entered into a non-brokered private placement of up to 6,500,000 units at $0.10 each to raise up to $650,000.
Each unit consists of one common share and one whole non-transferable common share purchase warrant. Each warrant is exercisable to acquire one share at $0.25 per warrant for a period of 24 months from the closing date.
"We are excited about the opportunities we have in the pipeline, across both sides of the business - IoT and carbon management,” CEO Wayne Lloyd said in a statement.
READ: TraceSafe joins Climate Chain Coalition; issues shares to settle debt
“From expanding our regional presence in the Middle East to strengthening our smart city solutions that bring together IoT and decarbonization solutions, we have a lot to look forward to in the coming months. With additional resources, we will be able to see measurable growth and customer wins in the coming quarter."
The net proceeds will be used for costs related to developing and creating new technology and projects, acquisition of new technology and related bodies, corporate as well as working capital and for general corporate purposes.
TraceSafe provides Internet of Things (IoT) solutions transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and an award-winning analytics platform.
Contact the author at jon.hopkins@proactiveinvestors.com