- Sensor technology company, Airtest Technologies (AAT) has closed a private placement after raising C$500,000 in gross proceeds
- During the fully subscribed financing, the company issued 25 million of its units for two cents each
- Airtest will use the proceeds for research and development activities, inventory, and general working capital
- Customers have shown increased interest in company products, and their applications in COVID-related ventilation requirements
- Airtest Technologies (AAT) last traded on September 22, for 4 cents per share
Sensor technology company, Airtest Technologies (AAT) has closed a private placement after raising C$500,000 in gross proceeds.
The financing, which was first announced on August 5, only closed after becoming fully subscribed. During the placement, the company issued 25 million of its units, at a price of two cents each.
Each unit contained one common share in Airtest, and one non-transferable share purchase warrant. One warrant allows the holder to buy one more share in the company, at the exercise price of five cents per share.
The warrants can be exercised within two years of the financing’s closing date, although it is subject to an acceleration provision. If Airtest’s shares on the TSX Venture Exchange have a closing price over seven cents each for ten non-consecutive trading days within four months and one day of the financing’s closing date, the company may accelerate the warrants’ expiry date.
The company will use the proceeds from the private placement for research and development activities, inventory, and general working capital.
Airtest’s CEO, George Graham, commented that customers have shown increased interest in company products, and their applications in COVID-related ventilation requirements. This has in turn created a larger order book for the company’s sensor products.
“Bolstering inventory levels should result in additional sales. We will also be completing an R&D project that will allow the company to broaden the application of a group of sensors.
“We have found that customers have been asking for this additional applicability with certain building automation systems.
“Early indications are quite positive, and completion of the R&D over the next few months should generate an additional sales bump,” he said.
Airtest Technologies (AAT) last traded on September 22, for 4 cents per share.