Business
Danavation Announces Offering and Closing of First Tranche of Private Placement of Units
Danavation Announces Offering and Closing of First Tranche of Private Placement of Units.
About this update from Danavation Technologies Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - July 22, 2022) - Danavation Technologies Corp. (CSE: DVN) (OTCQB: DVNCF) (\"Danavation\" or the \"Company\"), a Canadian-based Internet of Things (\"IoT\") technology company and provider of micro e-paper displays, is pleased to announce that it has closed the first tranche of a non-brokered private placement of units (the \"Units\") through the issuance of 590,000 Units at a price of $0.25 per Unit (the \"Offering Price\") for aggregate proceeds of $147,500 (the \"Offering\"). Each Unit is comprised of one (1) common share in the capital of the Company (\"Common Share\") and one-half of a Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one (1) Common Share to be issued on the due exercise of the Warrant (each, a \"Warrant Share\") at a price of $0.35 per Warrant Share for twenty-four (24) months from the date of the closing of the Offering. A finder's fee may apply to a portion of the proceeds raised under the Offering of a cash commission on the aggregate gross proceeds from the sale of the Units under the Offering, and finders warrants to acquire common shares of calculated on the number of Units sold under the Offering. All securities issued pursuant to the Offering will be subject to a four month hold period from the date of issue. Proceeds from the Offering will be used by the Company for working capital and for other general and administrative costs. The Company may close additional tranches of the Offering subject to all required regulatory approvals.About DanavationDanavation Technologies Corp. is a Canadian-based, Internet of Things (IoT) technology company, providing micro e-paper displays to organizations across North America. The Company's Digital Smart Labels™, powered by IoT automation technology and software Platform-as-a-Service (PaaS), enables companies across various sectors to automate labelling, price, product, and promotions in real-time, enhancing data accuracy and improving performance by removing high labour costs and low productivity associated with traditional labour-intensive workflows. By empowering the adoption of smart retail, smart cities and industry 4.0, our goal is to create a sustainable and profitable business for shareholders while advancing sound environmental, social and governa...