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FINWIRES

Principal Technologies to Raise C$312,000 in Third Financing Round

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Principal Technologies (PTEC.V) after trade Thursday said it plans to complete the third round of financing related to its technology licensing agreement with Oxford University Innovation by issuing 416,000 shares at C$0.75 per share, raising C$312,000.

The company said the proceeds will be used to meet its research and development funding obligations under the licensing deal and for general corporate purposes.

The shares will be subject to a four month and one day hold period, and the financing remains subject to regulatory approvals, including approval from the TSX Venture Exchange, the company said, adding that the third round was unanimously approved by its board of directors.

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