- MyFiziq’s (MYQ) joint venture company Body Composition Technologies, has completed a $2 million funding round
- Almost half of the raised capital was provided through a formal funding agreement, which BCT executed with i-Concept Global Growth Fund
- The $2 million financing will provide enough money to take BCT to the end of 2021’s second quarter
- BCT will use the capital raised to advance its global expansion amid accelerating agreements with current partners
- MyFiziq closed one per cent in the green for $1.01 per share
MyFiziq (MYQ) joint venture company, Body Composition Technologies, has completed a $2 million funding round.
Almost half of the raised capital was provided through a formal funding agreement, which BCT executed with i-Concept Global Growth Fund (i-CGGF). The company arranged for proceeds of $985,833.33, by way of direct equity, under a binding subscription agreement.
i-CGGF has agreed to fund BCT over three tranches, the first of which will be issued on September 30, 2020. In the first tranche, 57 subscription shares will be issued at the subscription price, for a total of $332,500.
In the second tranche, another 57 shares will be issued for $332,500 in proceeds by October 9, 2020. By October 31, 2020, the third and final tranche will be completed through the issue of 55 subscription shares for $320,833.33.
Under the binding subscription agreement, BCT does not have to meet any conditions to receive any of these payments.
Overall, the $2 million financing will provide enough money to take BCT to the end of 2021’s second quarter. BCT will use the capital raised to advance its global expansion, as the company accelerates agreements with its current partners.
MyFiziq’s CEO, Vlado Bosanac, commented that closing an investment in the current climate is challenging, especially with a pre-revenue company like BCT.
“The BCT joint venture is important to us, and covers a major commercial sector of our monetisation and vision,” he said.
“BCT will be using this capital to expand its growth and releases with its current clients and new potential clients. In addition, BCT intends to expand its data collection activities once COVID restrictions are eased,” he added.
MyFiziq closed one per cent in the green for $1.01 per share