Cheelcare Upsizes, Closes Private Placement

Cheelcare Inc., a Canadian innovator in advanced mobility solutions, initially announced a non-brokered private placement to raise up to $1.5 million. Due to strong investor demand, the offering was subsequently upsized to $3.0 million. The company successfully closed the offering, raising aggregate gross proceeds of $3,023,250 through the issuance of 2,015,500 units at $1.50 per unit. Each unit included one common share and one-half of one common share purchase warrant, with warrants exercisable at $2.25 for two years, subject to an acceleration clause. The proceeds will be used for general working capital, product development, and commercialization activities. Directors and officers of Cheelcare participated in the offering, which constituted a related party transaction, with the company relying on exemptions from certain regulatory requirements. The offering is subject to the final acceptance of the TSX Venture Exchange.