SATO Technologies closes C$1.5M private placement on TSX Venture

SATO Technologies Corp. (TSXV: SATO, OTCQB: CCPUF) announced the closing of a non-brokered private placement raising aggregate gross proceeds of C$1,498,854.

The offering consisted of 14,988,540 units priced at C$0.10 per unit. Each unit includes one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to acquire one additional common share at C$0.20 for two years from the date of issue, subject to acceleration.

The company states it intends to use the net proceeds for infrastructure and asset acquisitions, advancement of strategic initiatives, satisfaction of existing obligations, and general working capital. The company retains discretion over the allocation and timing of proceeds.

A cash commission equal to 7% of gross proceeds was paid on funds raised from subscribers introduced by a finder.

Two company insiders participated in the offering as related parties under Multilateral Instrument 61-101. The transactions qualified for exemptions from formal valuation and minority approval requirements, as the value of shares subscribed by insiders did not exceed 25% of the company's market capitalization.

CEO and Chairman Romain Nouzareth said the financing "supports the conversion of our Joliette facility to AI and high-performance computing as we build sovereign compute capacity in Québec, and the development of our previously announced project in Bhutan, positioned to serve the fast-growing demand for compute in India."

The closing remains subject to final approval from the TSX Venture Exchange. All figures are in Canadian dollars.

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