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POSaBIT closes private placement of units

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POSaBIT closes private placement of units

POSaBIT Systems Corp. closed its brokered private placement of units, selling 6,026,597 units at 15 Canadian cents apiece.

Each unit consists of a common share and a common share purchase warrant. A warrant allows a holder to purchase common shares for 30 Canadian cents apiece until Aug. 2, 2021. The securities issued in the offering will be subject to a four-month holding period, in compliance with Canadian securities laws.

POSaBIT intends to use net proceeds for expansion and business development activities, and general working capital and corporate purposes.

Canaccord Genuity Corp. led the syndicate of agents in the offering.