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Binovi to Close Private Placement of $1.7 Million

·3 mins read

TORONTO, NY / ACCESSWIRE / October 2, 2020 / Binovi Technologies Corp., (Binovi) (TSXV:VISN)(OTCQB:BNVIF), a leader in neuro-vision performance technology, announces the closing of a non-brokered private placement financing (the "Private Placement") to occur on or around October 6, 2020. 13,345,514 units at $0.1275 per unit have been fully subscribed and funded for gross proceeds of $1,701,553, subject to the approval of the TSXV Venture Exchange. Each unit is comprised of one common share and one share purchase warrant. Each warrant entitles the holder to acquire a further common share at a price of $0.40 per share for a period of 24 months, subject to an acceleration clause.

The Company intends to use the net proceeds from the Private Placement towards the expansion of its platform in to K-12 Education, integration of the Vima Strobe technology, manufacturing of Binovi Touch hardware, and general corporate development and working capital. All securities to be issued pursuant to the Private Placement are subject to a four-month hold period under applicable securities laws in Canada. Insiders of the Company are participating for $204,000.

2020 News Release Highlights:

For additional information on the Company, please visit https://www.binovi.com/investor-reports/

About Binovi Technologies Corp.

Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. Binovi combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. Binovi is currently used in over 1,500 locations across 20 countries.

Terry Booth
Executive Chairman

Adam Cegielski
Founder | CEO

Investor Relations
Email: invest@binovi.com
Toll-free: 1 (844) 866-6162

https://www.binovi.com/investor-reports/

Forward looking information:

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Binovi Technologies Corp.



View source version on accesswire.com:
https://www.accesswire.com/608972/Binovi-to-Close-Private-Placement-of-17-Million