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FINWIRES

Redwood AI Closes C$3.5 Million Private Placement

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Redwood AI (AIRX.CN) said after trade Tuesday it closed its private placement with a US institutional investor, raising up to C$3.5 million by through 1.66 million special warrants at C$2.11 apiece.

Each special warrant will automatically convert into one unit of Redwood AI at no additional cost. Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to buy one additional common share at C$2.48 for 60 months from the closing date, the company said.

Proceeds will be used for working capital and general corporate purposes, the company said, adding that the securities issued under the offering remain subject to applicable Canadian and US resale restrictions.

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