Braingrid secures $2.5M pre-IPO financing

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By Ted Liu

Braingrid Corporation has closed a non-brokered private placement financing of 6,568,000 units at a price of $0.40 per unit, for aggregate gross proceeds of $2,587,200.

Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant will be exercisable to purchase one common share at a price of $0.80 for eighteen months after the issuer (or a successor issuer) becomes a “reporting issuer” in one or more Canadian jurisdictions and the listing of the common shares (or shares into which the common shares may be exchanged) on a recognized North American stock exchange.

Braingrid intends to seek a public listing on the Canadian Securities Exchange in the next 90 days.

EMD Financial Inc. acted as finder on behalf of a syndicate of finders. The investor group includes a number of venture capital funds including Quinsam Capital Corporation (CSE: QCA)

Braingrid intends to use the net proceeds for general corporate purposes, such as continuing expansion of its R&D department as well as furthering the execution of its long-term roadmap. Braingrid also intends to fund marketing expenditures related to lead generation and customer acquisition.

“We are dedicated to fostering innovation in the burgeoning Cannabis industry,” said Roger Dent, CEO at Quinsam. “Braingrid is aptly positioned to fill the ever-growing need for cultivation technology that assists growers in optimizing their cannabis grow. We are excited to see what is next for them.”

Braingrid completed its first Cannabis related venture in 2016 and since then has solidified itself as a force to be reckoned with in the rapidly expanding industry. With this private placement, Braingrid expects to further its capabilities and continue leveraging its partnerships, like with Ample Organics, as well as forging new relationships to expand its product breadth.

“We are very pleased to close this round of funding which will allow us to continue toward our goal of enabling customers on a global level,” said Michael Kadonoff, CEO at Braingrid. “Our team is excited and ready to enter our next phase of growth.”

Braingrid provides an affordable, versatile and quick-to-install sensor platform that captures the critical real-time data needed by cannabis growers to increase revenues, reduce costs and reduce risks.

photo credit: Briangrid