Novra Technologies Announces $1.3M Private Placement to Fund Expansion and R&D
Novra Technologies (NVI:CA) has announced a private placement agreement to raise $1.3 million in capital. The company intends to utilize the proceeds for working capital, research and development, expansion into new markets, and the repayment of existing liabilities. The financing involves the issuance of 10 million common shares at a price of $0.13 per share to The David E. Chymiak Trust. Upon completion of the transaction, the trust will hold approximately 16.6% of Novra's outstanding shares and will be classified as an insider. The deal is currently subject to approval by the TSX Venture Exchange.
Topics: capital raising equity issuance insider acquisition working capital