MineSense Technologies Ltd. has secured a US $4 million investment from Mitsubishi Corporation (TSE: 8058). Mitsubishi is investing a US $4 million bond, convertible in a future equity round.
In February 2017, MineSense announced the closing of a CDN $19 million financing led by Aurus Ventures and included Caterpillar Venture Capital and participation from existing investors Chrysalix Venture Capital, Cycle Capital Management, Prelude Ventures and Export Development Canada (EDC).
“Our partnership with Mitsubishi Corporation will help accelerate the development of our digital offering, while better positioning us to execute on our strategy to expand into key mining regions worldwide,” said MineSense CEO Jeff More. “I am excited that Mitsubishi Corporation, a respected, global company shares our view about the immense opportunity ahead for MineSense to impact the mining industry.”
“We are very pleased to support MineSense in bringing their innovative technology to the market,” said Mr. Tatsuro Sako, Leader for Digital Mining Task Force, Mineral Resources Investment Division, Metals Group. “Mitsubishi Corporation is keen on digitalizing the mining industry and we are excited to collaborate with MineSense, as we believe the company’s unique technology will play a key role in adding significant value to the mining industry. We look forward to working with MineSense’s executive team and Board as they pursue their growth objectives.”
Vancouver based MineSense is a pioneer in industrial IoT providing real-time, sensor-based ore data and sorting solutions for large-scale mines. The company’s fast, scalable, and robust mineral sensing platform creates transformational value by providing precise, accurate, real-time grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal recovery, reducing the CO2 emissions and the consumption of wear materials, energy, water and reagents during the whole mining process. Visit www.minesense.com for more information.
Mitsubishi Corporation is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business.
photo credit: MineSense