Aurora Solar Technologies (ACU) has closed a private placement financing raising gross proceeds of C$3,550,000.
The company offered 14,200,000 units at $0.25 per unit.
Each unit consists of one common share and one-half of one common share purchase warrant.
Each whole warrant entitles the holder to acquire one Aurora common share for $0.40 until May 13, 2022.
The warrants are callable should the daily volume-weighted average trading price of the common shares exceed $0.50 for 20 consecutive trading days.
Aurora will use the proceeds for the market roll-out of its Insight data science product, Insight Essentials, solar cell production yield optimization and for general corporate purposes.
The offering was led by Stifel GMP.
Aurora Solar Technologies develops and delivers inline process measurement, analysis and control systems for solar cell manufacturers.
Aurora Solar (ACU) is up by 6.25 per cent and is currently trading at $0.255 per share as of 10:34 am ET.