Advanced Research Technologies (ART), a developer of optical molecular imaging products for healthcare, has entered into definitive agreements with OppenheimerFunds and other shareholders of ART for a $6 million private placement of convertible preferred shares.

The Montreal-based ART expects to close the transaction by Aug. 15 and intends to use the net proceeds of the financing as working capital. The private placement is subject to obtaining all necessary approvals, including that of the Toronto Stock Exchange.