Innovotech Inc. (TSXV:IOT) announced a private placement of up to 1,875,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 375,000 on August 24, 2020. Each unit consists of one common share and one half one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of CAD 0.25 for a period of three years following the date of closing, subject to accelerated expiry should the common shares trade on the TSX Venture Exchange is equal to or exceeds CAD 0.40 for 20 consecutive trading days, the company shall have the right to accelerate the expiry date of the warrants to the date that is 30 days after the company has elected to exercise the acceleration right. The transaction is subject to regulatory approval.