Telescope Innovations (CSE:TELI) closes $1.46 million private placement

Telescope (TELI) has closed its $1.46 million non-brokered private placementThe company intends to use the funds for working capital and general corporate purposesInsiders subscribed for approximately 25 per cent of the offeringTelescope is a chemical and automation technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industriesTelescope Innovations (TELI) is up by 3.45 per cent, trading at $0.30 per share

Telescope (TELI) has closed its $1.46 million non-brokered private placement.

The company issued 4,879,499 units priced at $0.30 for aggregate gross proceeds of $1,463,849.

Each unit consists of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one common share priced at $0.75 until November 10, 2024, subject to accelerated expiry if shares close at $1 or higher for ten consecutive trading days.

Insiders subscribed for an aggregate of 1,160,332 units.

Telescope intends to use the funds for working capital and general corporate purposes.

“We thank our new and existing shareholders for participating in this round, and we are especially grateful to New Age Ventures for providing this round’s lead order,”  stated Jason Hein, Telescope’s CEO.

“This support will help Telescope to continue delivering on its strategic mission. Having engaged with Pfizer, Hatch, Standard Lithium and Natural Resources Canada, we’re excited to expand the deployment of our products and services across the chemical and pharmaceutical industries,” he added.

Telescope is a chemical and automation technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industries. Its products improve experimental throughput, efficiency and data quality.

Telescope Innovations (TELI) is up by 3.45 per cent, trading at $0.30 per share as of 2:29 pm ET.

The post Telescope Innovations (CSE:TELI) closes $1.46 million private placement appeared first on The Market Herald.

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