Novra Technologies plans $1.3M private placement with trust

Novra Technologies Inc. (TSXV: NVI, OTCQB: NVRVF) announced it has entered into a non-brokered private placement agreement to raise $1,300,000 through the issuance of 10,000,000 common shares at $0.13 per share, according to a press release.

The placement is with The David E. Chymiak Trust dated December 15, 1999. No finder's fees or commissions are associated with the transaction.

Upon completion, the trust will hold approximately 16.6% of Novra's issued and outstanding shares, which would classify it as an insider under TSX Venture Exchange Policy 1.1.

The company said the funds will be used as working capital to support expansion into new vertical and geographic markets, research and development activities, and repayment of existing liabilities.

The private placement remains subject to TSX Venture Exchange approval, which has not yet been granted. Novra is based in Winnipeg, Manitoba, and provides products, systems, and services for multimedia broadband content distribution.

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