Ottawa-based Magor Corporation (TSXV: MCC) announced that it has raised aggregate gross proceeds of $1,452,325 through a brokered private placement.
© Joël Côté-Cright
Mike Pascoe, CEO of Magor Communications.
The offering by the video-conferencing company saw it issue 5,809,300 units at a price of 25 cents each.
The units consisted of one share and half a purchase warrant. Each full purchase warrant allows holders to purchase one share at 40 cents over the next four years.
The company intends to use the proceeds from the offering to speed-up the rollout of its cloud-based videoconferencing system, Aerus.
"With this equity financing behind us, we are now in a stronger position to expand our Aerus cloud-based visual collaboration services through major global carriers and solutions integrators," said Mike Pascoe, president and CEO of Magor Corporation in a press release.