Healthcare Company Pops On Oversubscribed Private Placement

A small Calgary-based healthcare stock announced today the closing of an oversubscribed $2.5-Million private placement financing as well as communications engagement for investor relations services. FluroTech Ltd. (TSX-Venture:TEST) said that in the second and final tranche of its non-brokered private placement, 15,644,844 units were sold at a price of $0.135 per unit.

FluroTech is a technology and marketing company. Its core business is focused on the commercialization of new technologies in the cannabis hemp industries. Its product includes CompleTest.

Traders seemed to be optimistic on the news as shares rose to a session high of $0.47/share (+30.5%). This move is a continuation of the success the stock has had over the last month as well as a bullish breakout above a prior resistance level set back in September 2020.