TORONTO-Canadian telematics provider AirIQ has closed a private placement offering that raised $9.57 million, the company announced Thursday.
AirIQ will use the capital to acquire the assets of Boatracs, L.L.C., a mobile maritime communications company, as well as for general corporate purposes. The agency syndicate for the private placement was led by GMP Securities Ltd. and included Paradigm Capital Inc.
“We are pleased with the result of the private placement and the level of investment made by key institutional investors,” said Mark Kohler, AirIQ’s chief financial officer. “The heightened interest in the financing is consistent with the increased attention paid by investors to the telematics marketplace overall.”
