Funding serves as springboard for Frisco Bay
MONTREAL - A recent round of funding totaling nearly $2.2 million is expected to serve as a springboard for Frisco Bay to secure additional investments in the future - a crucial component in the companyÃ¢â‚¬â„¢s plan to expand into new markets.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s the next step in the evolution of growing the company,Ã¢â‚¬Â said Barry Katsof, chief executive officer of Frisco Bay. Ã¢â‚¬Å“We have a sound base and weÃ¢â‚¬â„¢re aggressively looking to do acquisitions and grow the company that way.Ã¢â‚¬Â
Frisco Bay raised the funds through a private placement of 243,100 shares of the common stock at a price of $9 per share. All told, the company raised $2,187,900 from the transaction.
The shares were acquired by a group of leading Canadian investment funds. The proceeds will be used to retire a portion of the debt the company incurred with the recent acquisition of Frisco BayÃ¢â‚¬â„¢s ATM joint venture partner.
It marks the first time Frisco Bay has raised capital in such a way since 1993, when the company went public on NASDAQ, said Katsof.
The funding is expected to enable Frisco Bay to raise capital on both sides of the border, said Katsof.
Plans call for the systems integrator to seek a listing of its shares on the Toronto Stock Exchange.