The company also garnered a $500,000 rebate from the Scientific Research and Experimental Development (SR&ED) program run by the federal government.
"(This) puts Panacis in a position of having in excess of $2 million at our disposal," stated Mark Kershey, the newly appointed chief executive.
"In these challenging financial times we are very pleased with the confidence our investors have placed in both the Panacis opportunity and the management team," he added.
"This financing will allow Panacis to execute on its growth objectives and to create market awareness for the advanced battery systems we produce. Panacis will be entering a growth phase and this financing will assist us in attracting the right people to our team."
Panacis founder Steve Carkner was also appointed chief technology officer, the Ottawa company stated.
Mr. Kershey is a co-founder of Spartan Bioscience Inc., iWatchLife Inc. and Barkley Capital Corp. The latter invested in early stage technology companies in Canada and the United States between the late 1990s and early 2000s.
Panacis develops and produces battery systems for use in telecommunication, renewable energy and defence applications.
