MicroVision Inc. announced it has secured a committed equity financing facility under which it may sell up to $35 million of its shares of common stock to Azimuth Opportunity Ltd. over a 24-month period. Under the agreement, MicroVision is not obligated to use the facility and remains free to enter into and consummate other equity and debt financing transactions. The company will determine, at its sole discretion, the timing, dollar amount and floor price per share for any draw under this facility, subject to certain limitations. It may not issue more than 22,030,737 shares, which was less than 20 percent of its outstanding shares of common stock on Sept. 8, in connection with the facility. Reedland Capital Partners, an institutional division of Financial West Group, will act as placement agent and receive a fee for its services at the time of any draw under the facility. The announcement comes after MicroVision posted a $9 million loss for the first three months of this year and an $18 million loss total for the first six months of fiscal 2011. “Based on our current operating plan, we anticipate that we have sufficient cash and cash equivalents to fund our operations through October 2011,” the company said in its SEC filing. “We will require additional cash to fund our operating plan past that time.” The company previously had entered into a committed equity financing facility with Azimuth in August 2010. During 2011, it completed two draws from the facility and raised a total of $5.6 million before placement agent and other issuance costs from the sale of approximately 4.5 million shares of its common stock. In July 2011, MicroVision canceled the facility. In May 2011, the company entered into a new committed equity financing facility with Azimuth under which it could sell to Azimuth up to the lesser of $40 million or 21,018,431 of its shares of common stock over a 24-month term, which began on July 8. MicroVision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. For more information, visit: www.microvision.com