12:05 PM EDT, 03/17/2025 (MT Newswires) -- Boardwalktech Software ( BWLKF ) on Monday said it closed the initial tranche of a non-brokered private placement of share units that raised $1.11 million.

The company placed 8.57-million units in the tranche, with each priced at $0.13 and made up of a share and a one-year warrant to buy a second share for $0.25.

The company will evaluate and may potentially close an additional tranche of the offering as it deems strategic based on "needs and fit" with prospective investors, up to the maximum of $1.5 million.

The company expects to use proceeds for sales and marketing expenditures, working capital requirements, and to enhance its balance sheet to drive new business.

Boardwalk shares were last seen unchanged at $0.125 on the TSX Venture Exchange.