Canadian electric propulsion manufacturer Vision Marine Technologies announced this week $5.8 million in a private placement stock offering deal with accredited and institutional investors. The company intends to use the proceeds for working capital and general corporate purposes, according to a company statement.
“The company will be issuing a combination of 4,626,400 common shares (or prefunded warrants in lieu thereof), and common warrants to purchase 2,313,200 common shares,” the statement said.
ThinkEquity was the placement agent for the offering. The funding announcement follows a recent at-the-market offering of $11.2 million.
