Medical device firm ART Advanced Research Technologies has received a new round of private placement financing, according to the Montreal-based company.
OppenheimerFunds and long-term ART shareholders have agreed to invest $6 million (U.S.) by way of a private placement of convertible preferred shares, the company said. The private placement of a total of 46.1 million preferred shares will be made at a price of 12¢ per share.
The transaction should be complete by August 15. ART plans to use the proceeds as working capital.
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