Ayr Strategies (CSE: AYR.a) this morning closed its overnight marketed public offering. The financing, initially pegged at C$137.0 million, ultimately closed out at $157.6 million following the full subscription of the over-allotment option that was granted to underwriters.
The financing saw 4.6 million subordinate voting shares of the company sold at a price of $34.25 per share. No warrants were issued in connection with the offering.
Gross proceeds from the financing have been slated for working capital and general corporate purposes as per the news release issued this morning. However, in the initial announcement of the offering, CEO Jonathan Sandelman stated that “this offering will give us flexibility around our current plans and will allow us to be opportunistic in the fast-moving environment we expect going forward.”
Ayr Strategies last traded at $36.32 on the CSE.
Information for this briefing was found via Sedar and Ayr Strategies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.