02:00 PM EDT, 05/23/2024 (MT Newswires) -- Tantalus Systems Holding ( TNTLF ) said Thursday it closed a bought-deal private placement of shares that raised $10 million.

The electrical-grid technologies company sold an underwriting syndicate 6.24-million shares priced at $1.60 each in the financing..

The offering was made up of 4.94-millionshares issued under the listed issuer financing exemption (LIFE), raising $7.9 million, and a brokered private placement of 1.31 million shareson the same terms as the LIFE tranche, for proceeds of $2.1 million.

The company plans to use the net proceeds for research and development activities of new product initiatives, sales and business development activities, general corporate purposes, and working capital.

Tantalus shares were last seen up $0.01 to $1.57 on the Toronto Stock Exchange.

Price: 1.57, Change: +0.01, Percent Change: +0.64