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Vancouver-Island Based Redlen Technologies Closes $2 Million Financing
Friday, November 21, 2014Company Profile | Follow Company
Investment provides critical growth capital for Redlen to accelerate its development of new products and increase its ability to penetrate new markets
Saanichton, BC, November 21, 2014--(T-Net)--BC Advantage Funds (VCC) Ltd. announced today that it completed an additional $1.5 million preferred share investment in Redlen Technologies Inc.
Redlen is a BC-based company that manufactures and markets high resolution Cadmium Zinc Telluride ("CZT") semiconductor materials, radiation detectors and modules for the medical and security imaging industries.
An additional $0.5 million was raised under the same offering from other Redlen shareholders and directors.
Frank Holler, Chairman & CEO of Advantage, said "We are pleased to lead this equity financing round for Redlen. This investment provides critical growth capital for Redlen to accelerate its development of new products and increase its ability to penetrate new markets. In addition, with this investment, Advantage has now essentially fulfilled its full aggregate investment pacing requirement under the Small Business Venture Capital Act of British Columbia."
GrowthPoint Capital, Advantage's financing partner, provided an additional $1,200,000 to Advantage under an amended loan agreement to assist in financing this investment. The loan agreement provides for GrowthPoint to receive a fixed interest rate on the loan as well as additional interest based on the internal rate of return (IRR) achieved by Advantage on the Redlen investment.
Editors Note: Redlen Technologies announced earlier this year in March 2014 that it completed a $5.5 million financing led by Pangaea Ventures with participation from other major investors including In-Q-Tel.
Redlen Technologies also completed an earlier $7.8 million financing round led by BC Advantage Funds with participation from other major investors including Growthworks Capital, Export Development Canada and the Velo Fund in February 2010.
About Advantage
BC Advantage Funds (VCC) Ltd. is a venture capital corporation, formed under the Small Business Venture Capital Act (British Columbia), to invest in emerging technology companies in the Province. For more information about Advantage, please visit our website at www.bcadvantagefunds.com
About Redlen Technologies
Redlen Technologies is a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors which are enabling a new generation of high performance detection and imaging equipment including Nuclear Cardiology, Nuclear Breast Imaging, CT Scanning, Baggage Scanning and Dirty Bomb Detection.
For more information on the company and its products, please visit its website www.redlen.com.on products.
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