NGRAIN Closes $13.8 Million Financing Deal
Additional working capital allows for continued expansion throughout North America and Europe, in defence, aerospace, and other markets
VANCOUVER, BC — NGRAIN, provider of 3D performance support solutions, announced today that the company has secured $13.8 million in equity financing led by Genuity Capital Partners (“Genuity”), a large, privately held independent equity firm. Headquartered in Toronto, Genuity has lead many large and complex financing transactions for both established and high-growth clients.
Commenting on the investment, Paul Lindahl, NGRAIN CEO said, “Genuity represents a strong financial partner for us moving forward and this investment has strategic importance to NGRAIN on a number of fronts. Our company is now in a better position to continue the successful growth we have been experiencing over the past year in the defense and aerospace markets.”
Genuity’s senior executive team has extensive experience in both private and public market financing and long reach into the capital markets to support growth investments. Managing Partner, Christopher Payne, will be joining NGRAIN’s Board of Directors as a result of this arrangement.
Sandy Rhind, President of Alexander Capital Group, which acted as fiscal agent to NGRAIN in arranging this financing, commented that investor interest in NGRAIN was strong. “Significant new institutional investors participated in this round, allowing the company to increase the issue from its initial target size. This very positive endorsement of NGRAIN from a sophisticated group of investors bodes well for the company’s future”, said Mr. Rhind.
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