Bioasis Technologies Inc., of Vancouver, British Columbia, said it closed its non-brokered placement issuing 5.79 million units at C$0.70 each, for gross proceeds of C$4,058,457 (US$3.05 million). Each unit consists of one common share and one common share purchase warrant, which entitles the holder to purchase one additional common share of the company at $1 per share for a period of 24 months from the date of closing, subject to an exercise acceleration clause, which the company may exercise once the units are free of resale restrictions and if their shares are trading at or above a volume weighted average price of $1.50 for 10 consecutive trading days.