DiagnosTear announces private placement of up to C$1.4M

DiagnosTear Technologies Inc. (CSE:DTR) has announced a non-brokered private placement of up to 2.8 million units, with each unit consisting of one common share and one warrant. The offering is valued at a price of C$0.50 per unit, potentially raising up to C$1.4 million in gross proceeds. BioLight Life Sciences Ltd. and Elcam Medical Ltd. are expected to participate in the offering, each taking up to one-third of the total.

The net proceeds from the private placement will be utilized for working capital and general corporate purposes. Certain insiders may acquire units in the offering, which would be exempt from formal valuation and minority shareholder approval requirements. All securities issued will be subject to a statutory hold period of four months and one day after issuance.

The offering is subject to approval by the Canadian Securities Exchange. DiagnosTear is an ophthalmic company developing diagnostic solutions for eye diseases, with its TeaRx technology being a diagnostic platform for point-of-care testing of ophthalmic pathologies through analysis of tear fluid.

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