Innovo Group Inc. (Nasdaq: INNO), has announced the finalisation of $6.2m strategic capital raising plan with a final phase raising $1.7m in funding.

The sales and marketing organisation that designs and sells craft canvas and stonewashed products as well as imported consumer products to the retail and premium markets through its subsidiary Innovo Inc has been seeking to strengthen its financial position throughout the year, and has succeeded in receiving $1.7m in exchange for 2,062,500 common stock shares and 1.7 million warrants at $2.00.

Jay Furrow, COO of Innovo, said: "pursuant to the completion of the transactions, the company has removed many of the obstacles that have historically limited the company's growth and profitability. The transactions have significantly increased the company's ability to finance its growth, meet customer demand and decrease expenses. These transactions have given the company added momentum which we believe will aid the company in increasing shareholder value."