01:29 PM EDT, 03/20/2024 (MT Newswires) -- Quantum eMotion Corp. ( QNCCF ) said Wednesday that it has closed a non-brokered private placement.

The company issued 15 million units at $0.05 apiece. The company has raised gross proceeds of $750,000. This includes the participation of several strategic investors.

Each unit is comprised of one common share and one warrant of the company. Each warrant allows its holder to buy one common share at $0.15 for 12 months following the closing of the private placement.

The company plans to use the proceeds to fund and accelerate the commercialization of its patented Quantum Random Number Generator technology.

The company's shares rose 4.5% on last look on Wednesday.

Price: 0.12, Change: +0.01, Percent Change: +4.55