Technologies completes new bridge financing

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By Ted Liu Technologies Inc. has raised $22.65 million new convertible debenture financing from 18 Canadian and US investors.

The debentures are convertible upon approval by majority of preferred share holders, or completion of an IPO, or closing of a transfer event, for total consideration of at least $150 million in cash or a combination of cash and/or marketable securities.

Investor names were not disclosed but the financing is likely led by Mohr Davidow Ventures with participation of OMERS Ventures, BC families offices, BC and Netherlands private investors. Technologies has now raised $116.75 million in bridge funding since November 2015.

Family offices, Pelecanus Investments Ltd./Mark Anthony Group Inc., Lyra Growth Partners Inc., and Beedie Capital Partners Fund I Limited Partnership, have been major backers and lifeline, providing approximately 63% of all the bridge funding raised by Technologies since November 2015.

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