# ALUULA Composites closes $3.67M bought deal financing

ALUULA Composites Inc. closed a bought deal private placement for gross proceeds of $3.67 million. The company plans to use the net proceeds to expand production capacity, repay bank debt, increase workforce, and expand facilities.

- Type: Investment
- Announced: 2023-07-12
- Where: Victoria, British Columbia, Canada
- Value: $2.77M (3.67M CAD)
- Status: completed
- Products: composite materials
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [ALUULA Composites Inc.](https://endata.com/companies/71383.md)

## Sources

- [newsfilecorp.com](https://www.newsfilecorp.com/release/173185/ALUULA-Announces-Completion-of-3.67M-Bought-Deal-Financing), 2023-07-12: "The Company expects to use the net proceeds of the Offering to expand production capacity (including a shift to wider industry standard 1.5 meter output widths), repay outstanding bank debt, make modest increases to its workforce and expand its facilities."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.