MineSense Technologies of Vancouver, Canada, has entered into an agreement for a US $4 million investment from Mitsubishi Corporation.
Under the terms of the agreement, Mitsubishi Corporation, a global integrated business enterprise that develops and operates business across virtually every industry, is investing a US$ 4 million bond, convertible in a future equity round.
MineSense CEO, Jeff More, stated: "Our partnership with Mitsubishi Corporation will help accelerate the development of our digital offering, while better positioning us to execute on our strategy to expand into key mining regions worldwide. I am excited that Mitsubishi Corporation, a respected, global company shares our view about the immense opportunity ahead for MineSense to impact the mining industry."
"We are very pleased to support MineSense in bringing their innovative technology to the market. Mitsubishi Corporation is keen on digitalizing the mining industry and we are excited to collaborate with MineSense, as we believe the company's unique technology will play a key role in adding significant value to the mining industry. We look forward to working with MineSense's executive team and Board as they pursue their growth objectives," Mr. Tatsuro Sako, Leader for Digital Mining Task Force, Mineral Resources Investment Division, Metals Group, said.
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