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Covalon Technologies closes C$5.5M private placement of units

Covalon Technologies Ltd. completed a private placement of 2,750,000 units priced at C$2 each, raising C$5.5 million in gross proceeds.

Each unit was made up of a common share and a purchase warrant that can be exchanged for a common stock of the company at C$2 each.

Proceeds will be used for general working capital, for the expansion of international distribution channels, for the development and commercialization of new products and for the repayment of debt.

The Canadian healthcare technology company said insiders participated in the offering for a total of 2,175,400 units, or gross proceeds of C$4.4 million.

In connection with the offer's closing, Covalon received a necessary waiver and consent from its lenders under its applicable credit agreement.

The offering has been conditionally approved by the TSX Venture Exchange.

All securities issued under the offering will be subject to a hold period ending Jan. 19, 2020.