Microvision Raises $12M Through Equity Financing
REDMOND, Wash., Oct. 1, 2010 — Microvision Inc., a provider of ultraminiature projection display technology, announced that it has raised $12.375 million pursuant to a previously announced equity financing facility with Azimuth Opportunity Ltd.
Microvision issued approximately 6.3 million shares of its common stock to Azimuth for an aggregate purchase price of $12.5 million. Out of those proceeds, it paid a placement agent fee of $125,000 to Reedland Capital Partners, an institutional division of Financial West Group. Microvision intends to use the funds for general corporate purposes, including, but not limited to, working capital and capital expenditures.
In August, Microvision announced that it had secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth over a 24-month period.
The company’s PicoP® display technology platform is designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. Its projection display engine uses laser light sources to create images with high contrast and brightness.
For more information, visit: www.microvision.com