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FINWIRES

Quarterhill to Raise $35 Million in Private Placement of Shares

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Quarterhill (QTRH.TO) plans to raise $35 million in a private placement of shares, the company said after trade on Wednesday.

Quarterhill will issue 14.1 million shares at $2.48 each. The underwriters have also been granted a 15% over-allotment option, which will increase proceeds by approximately $5.3 million if exercised in full.

The offering is expected to close by Sept. 16.

Proceeds will be used for general working purposes.

Quarterhill shares closed down C$0.04 at C$2.71 on the Toronto Stock Exchange.

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