- dorsaVi (DVL) confirms that its share purchase plan has raised more than $186,000 from eligible shareholders
- dorsaVi also announced that it has secured additional funding of $1.7 million from placement of convertible notes and shares
- The $1.9 million raised will be used as working capital and assist in the company’s push into the U.S. market
- dorsaVi has closed the day steady with shares trading for 2.6 cents apiece
dorsaVi (DVL) confirms that its share purchase plan has raised $186,760 from eligible shareholders.
On November 28, the company announced it had secured additional funding of approximately $1.7 million from placements of convertible notes and shares to existing and new institutional and sophisticated investors.
However, $360,000 of this will be subject to shareholder approval.
The total amount of $1.9 million will be used for general working capital purposes and to assist dorsaVi’s push into the United States market.
dorsaVi is already on track to launch into the U.S. market after it was granted a U.S. patent for its sensor technology.
This patent protects the apparatus (sensors) and method (algorithms) that allow dorsaVi’s sensor technology to determine the reaction force of the limb contacting the ground or surface that the person is walking on.
This is an important component when assessing whether certain movements are associated with a higher risk of causing or contributing to an industry.
The data is relevant for dorsaVi customers in the workplace, sports and clinical markets.
The ‘measuring reaction forces’ patent has already been granted in Australia and China.
The share purchase plan allotment date of new fully paid ordinary shares is December 30, and holding statements will be dispatched on or around December 31, 2019.
dorsaVi’s share price has closed steady with shares trading for 2.6 cents apiece in a $5.497 million market cap.