04:41 PM EDT, 06/06/2024 (MT Newswires) -- ProStar Holdings ( MAPPF ) on Thursday said it raised $1.1 million in the final tranche of a private placement of share units.

The mapping company said it placed 6.94-million units in the tranche, with each priced at $0.16 and made up of a share and a three-year warrant to buy a second share for $0.30.

Overall, the financing raised $2.5 million and placed a total 15.69-million units.

"The company will use the proceeds from the offering for sales, marketing, and working capital requirements. In particular, approximately US$232,000 will be used to reduce the company's working capital deficit," it said in a release.

Prostar ( MAPPF ) shares closed up $0.005 to $0.15 on the TSX Venture Exchange.