(Alliance News) - Looking Glass Labs Ltd on Friday said it has closed a non-brokered private placement offering, raising USD1.0 million.

Looking Glass is a Vancouver-based Web3 platform, which specialises in NFT architecture.

It said it has closed a non-brokered private placement offering of 10.0 million shares priced at USD0.10 each. Shares in Looking Glass were trading at USD0.38 each on Friday.

Looking Glass said the proceeds from the will be used for "general corporate and working capital purposes."

The company explained that its board approved the settlement of USD1.0 million in debt.

It added: "The company is currently seeking and will need to secure additional sources of working capital to continue operations. The company's plan is to actively secure additional sources of funds, including possible equity and debt financing options, while at the same time focus on exercising careful cost control to sustain operations and, if necessary, the company will curtail spending."

Looking Glass shares were flat at 17.00 pence per share on the AQSE in London.

By Sophie Rose, Alliance News senior reporter

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