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QuantumCore Raises C$4.7 Million After Closing First Tranche of Non-Brokered Private Placement

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QuantumCore (QNCR.CN) completed an upsized first tranche of its non-brokered private placement financing raising C$4.7 million, it said in a statement on Tuesday.

Pursuant to the closing of the first tranche, the company issued 2.3-million common shares at C$2.00 apiece. The IT services company also upsized the offering up to C$5.1 million from C$4.3 million.

QuantumCore expects to raise the remaining C$426,000 from existing shareholders pursuant to a second tranche expected to close on or about Aug. 18, subject to some closing conditions and approvals. Proceeds will be used for general corporate and working capital needs.

Shares of the company were last seen up 4.5% at C$4.18 on the Canadian Securities Exchange.

Price: $4.18, Change: $+0.18, Percent Change: +4.50%

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