Ucansi Inc. announced that it intends to conduct a private placement of minimum of 1,600,000 units and maximum of 8,000,000 at $1.25 per unit for minimum gross proceeds of $2,000,000 and maximum gross proceeds of $10,000,000 on April 18, 2013. Each unit consists of one common share and one share purchase warrant. Each warrant will be exercisable at a price of $1.25 per share for a period of five years. The company will also file a registration rights agreement on or prior to the 90th day immediately following the closing date. The company will issue securities pursuant to exemption provided under Regulation D.

On July 30, 2013, Ucansi Inc. closed the transaction. The company received gross proceeds of $3,112,500. The company issued 2,490,000 units in the transaction. The warrants issued will expire on July 30, 2018.