Profound Medical Corp (PROF) on Wednesday said it had increased the size of its previously announced private placement to raise $6.45 million.

The medical technology firm plans to issue up to 921,428 common shares at a price of $7 per share. The offering was first announced on Dec. 19. Closing is expected on or before Dec. 30. The increase was made to accommodate participation from a long-term existing investor, the company said.

Shares issued under the offering will be subject to a hold period of four months plus one day.

Profound intends to use the net proceeds to expand sales and marketing operations. Funds will also support working capital needs, research and development, strategic transactions and general corporate purposes.

The company said no securities will be sold to U.S. purchasers.