The placement provides Buddy with the resources and institutional support to expand its successful channel sales strategy for Buddy Ohm.
Buddy Ohm is a solution for facility resource monitoring and verification, connecting systems that were never designed to work together, while turning energy savings into a strategic asset.
The company is currently in the process of formalising a potential large distribution arrangement which, if concluded and implemented, will span over 100 new markets.
Buddy will also use the proceeds from the placement to advance the company’s research and development efforts.
The company recently secured its largest distribution deal to date, with Ingram Micro Canada, part of Ingram Micro Inc (NYSE:IM), the world’s largest distributor of technology products.
The company’s share prices have increased circa 40% in the past three months, closing at $0.24 on Monday.