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Medical laser developer Hamilton Thorne Ltd. (TSX-V:HTL), based in Toronto and Beverly, today reported that it is proposing a private placement of 12 million common shares worth about $3 million (US).

The company said in a press release that approximately $2.4 million worth of the stock will be issued to company insiders. The deal is subject to approval by the Toronto Venture Exchange and is expected to close this month.

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