PowerBand Solutions Inc. closes first tranche of private placement for gross proceeds of C$18M
June 22, 2022
18.00 Million CAD
On June 22, 2022, PowerBand Solutions Inc. (“PowerBand”), completed the closing of a first tranche of its previously announced private placement financing, announced on May 10, 2022. PowerBand today issued 62,037,560 units at a subscription price of CAD $0.30 per unit for gross proceeds of C$18,611,268 (approximately US $14,330,676). Each unit consists of one common share of PowerBand and one warrant, each warrant exercisable for one additional common share at an exercise price of C$0.40 for a period of 60 months.
Trinity Capital is a provider of venture debt and equipment financing, to venture-backed companies with institutional equity investors.
McCarthy Tétrault assisted Trinity Capital Partners with a team led by Jonathan See that included Rami Chalabi, Michael Shahinian, Robert Richardson, Paul Santache (Business), Shane D'Souza (Litigation) and Patrick Pengelly (Labour and Employment).