Binovi Technologies Announces Additional Private Placement of up to $2 Million
Binovi Technologies Corp., (Binovi) (TSX-V:VISN | OTCQB:BNVIF), a leader in neuro-vision performance technology, announces that further to the private placement that closed on October 6, 2020, the Company plans to complete an additional non-brokered private placement financing (the ‘Private Placement’) for gross proceeds of up to $2,000,000, expected to close the week of November 9, 2020.
The Private Placement will consist of up to 15,686,275 units at $0.1275 per unit, subject to the approval of the TSXV Venture Exchange. Each unit will be comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a further common share at a price of $0.40 per share for a period of 24 months, subject to an acceleration clause. The Company intends to use the net proceeds from the Private Placement for general working capital. All securities to be issued pursuant to the Private Placement are subject to a four-month hold period under applicable securities laws in Canada.
Further to its news release dated April 28, 2020, the Company announces, it will make its third issuance of shares under its online marketing and awareness program with Agora Internet Relations Corp. (‘AGORACOM’). Pursuant to this third tranche, the Company will issue 104,308 common shares of the Company at a deemed price of $0.13 subject to a hold period expiring February 7, 2021. AGORACOM’s program includes a ‘CEO Verified’ Discussion Forum. The forum serves as the Company’s primary social media platform to interact with both shareholders and the broader investment community in a fully moderated environment.