- SHARC International Systems (SHRC) has completed its non-brokered private placement after raising just over C$3 million in proceeds
- Through the fully subscribed placement, the company sold roughly 10 million of its common shares at a price of $0.30 each
- SHARC Energy also raised an additional $529,500 through the exercise of stock options and common share purchase warrants in December
- The proceeds will go towards general working capital purposes, in support of the company’s sales and marketing efforts
- SHARC International Systems is up 1.45 per cent, and is currently trading for $0.35 per share
SHARC International Systems (SHRC) has completed its non-brokered private placement after raising just over C$3 million in proceeds.
The company’s private placement was fully subscribed. As such, SHARC Energy sold roughly 10 million of its common shares at $0.30 each, for total proceeds of $3,000,300.
Insiders of the company invested approximately $186,000, or 6.19 per cent of the shares on offer, in the placement.
In addition to the placement, SHARC Energy also raised an additional $529,500 during the month of December. The company raised this extra capital through other avenues, mainly the exercise of stock options and common share purchase warrants.
Proceeds of the placement will go towards general working capital purposes, in support of SHARC Energy’s sales and marketing efforts. The funds have contributed to a healthy balance sheet for the company as it enters the 2021 fiscal year.
SHARC Energy’s Chief Financial Officer, Hanspaul Pannu, commented on the company’s plan for the near future, which will focus on commercialisation of its SHARC and PIRANHA systems in North America and overseas.
“With the proceeds from the option and warrant exercises and the closing of the $3 million offering, SHARC Energy enters the year with a strong balance sheet to support its current sales pipeline and sales order backlog,” he said.
“With recent announcements such as the Government of Canada’s plan for climate change and clean growth, SHARC Energy is excited to be poised to take advantage of opportunities that arise as part of the transition to a low carbon economy,” he added.
SHARC International Systems is up 1.45 per cent and trading for $0.35 per share, as of 9:48am EST.