ART closes $6M private placement

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ART Advanced Research Technologies, a Canadian medical device company, has closed its previously announced private placement of preferred shares for total proceeds of $6 million to OppenheimerFunds and other long-time shareholders of ART.

The Montreal-based company said it has obtained all necessary approvals to close the private placement, including that of the Toronto Stock Exchange, and intends to use the net proceeds of the financing as working capital.

A total of 46.1 million preferred shares were issued under the private placement at a price of $.13 (Canadian) per preferred share.