Cannvas Medtech Inc (CSE:MTEC) (OTCMKTS:CANVF) said Friday that, further to its announcements on 10 July 2019, and 24 July 2019, it has closed the final tranche of its non-brokered private placement, which was to have seen an aggregate of 2,975,000 units issued for additional gross proceeds of $595,000.
However, due to increased demand, the company added, the private placement has been oversubscribed by $102,500, raising total gross proceeds of $2,102,500 through the issuance of 10,512,500 units at $0.20 per unit.
It pointed out that each unit comprises one common share and one transferable common share purchase warrant, with each warrant exercisable into one additional common share at a price of 30 cents for a period of two years. All securities issued are subject to a four-month hold period.
The company said it intends to use the proceeds of the private placement for developing its technology platforms and as general working capital.