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Date Announced: 28 Sep 2010
Pico-projector firm consummates financing deal with British Virgin Islands-based financier.
REDMOND, Wash.--(BUSINESS WIRE)--Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, announced today that it has raised $12.375 million pursuant to a previously announced equity financing facility with Azimuth Opportunity, Ltd.
Microvision issued 6,277,275 shares of its common stock to Azimuth for an aggregate purchase price of $12,500,000. Microvision received proceeds from the sale of these shares of approximately $12,375,000 after deducting a placement agent fee of $125,000 paid to Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC, in connection with this issuance. Microvision intends to use the net proceeds of the offering for general corporate purposes, including, but not limited to, working capital and capital expenditures.
On August 17, 2010, Microvision had announced that it had secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth over a 24-month period.
About Microvision
Microvision provides the PicoP® display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company’s projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company’s website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Source: Microvision
E-mail: see web site
Web Site: www.microvision.com
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