Ottawa-based Impatica Inc. has completed a $3 million private financing.
The deal involved the sale of 12.1 million shares to accredited investors through Quest Securities Corporation. Impatica also issued 6.05 million warrants that are exercisable within five years at 30 cents a share.
Impatica develops products for the delivery and viewing of PowerPoint presentations over the Internet and wireless networks to portable computers, BlackBerrys and other handheld wireless devices,
The company says the funds from the financing will be used primarily to expand worldwide sales, marketing and distribution and to accelerate development of follow-on products.
"With several years of successful product development, commercialization and relationship building behind us, Impatica is now positioned with the products, channel partners and resources to capitalize on the rapidly growing global market for application-driven technology on mobile devices," chairman and CEO Michael Doyle said in a statement.
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