Ottawa-based Magor Corporation has raised over $1.1 million through the second round of a brokered debenture offering, the company announced on Thursday.
© Joël Côté-Cright
Mike Pascoe, CEO of Magor Communications.
This offering consisted of 1,000 units, priced at $1,000 each. The units consisted of one debenture valued at $1,000 and 1,000 purchase warrants for Magor shares. Each debenture matures in four years and pays an interest rate of 12 per cent.
The video conferencing company raised a total of $2.3 million over the course of its two private placement offerings.
"As a direct result of this successful raise, we have significantly strengthened our cash position, allowing us to continue to expand our global presence through our sales channels, partners and the service providers whom we are currently in trials with,” said Mike Pascoe, the company’s president and CEO in a press release.
“Based on our current growth in business, and as a result of this last capital raise, we are confident we have enough capital to reach the significant milestone of cash flow break even during fiscal 2015.”
The company’s fiscal 2015 ends April 30, 2015.
Magor lost $1.5 million during the three-month period that ended on Oct. 31, 2013. Its quarterly results were released on Jan. 2.