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Principal Technologies Raises C$1.1 Million in a Private Placement; Settles C$1.2 Million of Debts

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Principal Technologies (PTEC.V) overnight Thursday said it closed a non-brokered private placement of shares that raised C$1.1. million.

The company said it placed 2.2-million shares priced at C$0.50 in the financing.

Proceeds will be used toward its research and development funding obligations and for general working capital needs.

The company also settled an aggregate of C$1.2 million in outstanding debt through the issue of 2.4-million shares with a deemed price of C$0.50.

Principal Technologies settled C$186,100 owed to arm's-length creditors for services provided, and C$1 million owed to two non-arm's-length creditors to satisfy repayment of promissory notes of C$1 million plus accrued interest in the amount of C$29,170.75, it said.

The company's shares last traded June 24, closing at C$0.38 on the TSX Venture Exchange.

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