Ambient Corp. closed a private placement of $10 million in principal amount of its two-year 8% senior secured convertible debentures to institutional and individual investors.
The broadband-over-power-line (BPL) company said it will use the net proceeds to fund further development of its next generation products, to pursue strategic alliances with utilities that have expressed interest in using its BPL solutions, to further expand its existing BPL deployments as it moves to commercialization and for other working-capital purposes.
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