Texada Software last week closed a non-brokered private placement offering of more than 21 million units, and raised aggregate gross proceeds of CD $1.5 million (about U.S. $1.3 million). Because of strong demand for the shares, Texada was able to increase the amount raised by 50 percent over the $1 million previously disclosed.
Company insiders, including all members of senior management, acquired 39 percent of the shares, on the same terms as outside investors.
“As evidenced by the high rate of insider investment in this private placement, there is real excitement brewing within Texada due to the revolutionary new software we are developing and the initial positive acceptance expressed by our current customers – leading equipment rental companies worldwide,” said Texada CEO Don Whitbeck. “I believe that our new software will appeal to an expanded target market comprised of virtually any company that needs to monitor, track, schedule and better utilize their fleets of mobile equipment.”
Texada Software is based in Guelph, Ontario, Canada.