E.S.I. Environmental Sensors Inc. announced that it expects to receive CAD 0.35 million in funding.
On October 28, 2013, the company announced that it has amended the terms of the transaction. The company will issue now issue 13,000,000 units for CAD 650,000. The company will receive funding in tranches.
On November 6, 2013, the company announced that the TSX Venture Exchange has accepted for filing documentation with respect to the first tranche of the transaction. The company will issue 6,940,000 units as part of the tranche. The transaction will see participation from nine placees. As part of the transaction, Avis Financial Corp. will subscribe for 2,920,000 units. As part of the transaction, the company will also pay finder's fees of 250,000 shares to Quantum Economic Development Ltd.
On November 29, 2013, the company announced that it has received CAD 347,000 in the first tranche close. The company issued 6,940,000 units at CAD 0.05 per unit. The second tranche has been extended by two weeks.
On January 15, 2014, the company announced that the second tranche has been approved by the TSX Venture Exchange. The company will issue 4,033,532 units in the second tranche to seven investors. Avis Financial Corporation, Asset Management Arm, an insider of the company will subscribe for 600,000 units in the second tranche. The company will issue 150,000 common shares as finder's fees to Quantum Economic Development Ltd. and will pay CAD 2,667.66 to Raquin S.A.