In a statement the company said that all shares issued under the offer will be subject to a four-month holding period, with the first tranche to expire on February 4, 2018, the second tranche on February 7, 2018 and the third tranche on February 11, 2018.
As part of the offering, NeST Group, took up 6 mln common shares for $960,000, through a controlled investment group.
SEB president and CEO, John McKimm said: SEB has made substantial progress in the past 12 months and is well positioned for growth going forward."
Sales are anticipated to exceed $110mln for fiscal 2017, up around 15% from the previous year.
Healthy growing cash flow profile
The company said around $9.2mln has been raised in the past year, over 80% subscribed for by existing shareholders, insiders and strategic partners.
In a statement, the company said that it has a strong base from which to carry out its growth strategy in Canada and the US. It is forecasting "no major capital expenditure programs and its infrastructure is very scalable."
SEB said it expects to be "largely free of term debt by 2019 with a healthy growing cash flow profile."