Telescope Innovations Corp. announced a non-brokered private placement of a total of 4,879,499 units at a price of CAD 0.30 per unit for aggregate gross proceeds of CAD 1,463,849 led by new investor New Age Ventures on November 10, 2022. Each unit consists of one common share and one-half-of-one common share purchase warrant.

Each warrant entitles the holder thereof to purchase one additional common share of the Issuer at a price of CAD 0.75 per warrant share until November 10, 2024, subject to accelerated expiry at the option of the company in the event the closing price of the shares on the Canadian Securities Exchange is CAD 1.00 or more for ten consecutive trading days. The Units were offered pursuant to exemptions from the registration and prospectus requirements of applicable securities legislation. The securities are subject to restrictions on resale in accordance with applicable securities laws until March 11, 2023.

The company didn't pay any finders' fees or commissions in the transaction. The transaction included participation from insiders of the company who subscribed for an aggregate of 1,160,332 units as well new and existing shareholders.