Microvision said today it's going forward with a public offering of 3,317,567 shares of its common stock at $2.39 per share. The company is expecting to raise $7.9 million.

It's a make-or-break time for the Redmond company, which creates imaging and display technology. It's losing about $7 million a quarter and had just $14.6 million left at the end of September.

Microvision signed a deal with an Asian manufacturer to produce a new miniature laser projector called PicoP, which it plans to demonstrate at the Consumer Electronics Show in January. Embedded inside a mobile device, the PicoP is designed to enlarge images from the device and project them onto another surface a few feet away.