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Kneat plans C$5M private placement to expand marketing capabilities

Kneat.com Inc. said it plans to raise gross proceeds of about C$5 million through a brokered private placement.

The Limerick, Ireland-based healthcare technology company will issue 5,555,556 common shares at 90 Canadian cents apiece.

The private placement will be completed through a syndicate of agents led by Echelon Wealth Partners Inc.

The agents will get a cash commission and warrants to buy 6% of the common stock sold in the offering. Each warrant is priced at 90 Canadian cents per common share.

Kneat plans to use the proceeds to grow its sales and marketing unit to expand the customer pipeline, develop its Kneat Gx platform to increase functionality and to fund operating costs and working capital requirements.

The offering is expected to close on April 15, subject to customary closing conditions.

Kneat develops and supplies software for data and document management.