Bright Minds Biosciences Looks To Raise $4.0 Million Via Overnight Offering
After several days of intense volatility, Bright Minds Biosciences (CSE: DRUG) is looking to capitalize on the sudden investor interest. The firm has now announced terms for the pricing of its overnight marketed offering of units, following the financing initially being announced on Monday.
The company is looking to raise gross proceeds of roughly $4.0 million, with units being sold at $1.40 per each. Each unit is to contain one common share and one common share purchase warrant, with an exercise price of $1.76. Warrants are to be valid for a period of 24 months from the date of issuance.
A total of 2.9 million units are expected to be sold under the offering, with a 15% over-allotment option also having been granted. The option is valid for a period of 30 days following the closing of the financing.
The financing is being lead by Eight Capital, with HC Wainwright & Co acting as the firms US capital markets advisor.
Proceeds from the financing are to be used for preclinical and clinical development activities, in addition to working capital and general corporate purposes.
The financing follows several days in which the company has seen intense volatility, both on its Canadian as well as its US listing, with the company surpassing $6.00 on the CSE on Thursday, following a close of $1.20 on Wednesday.
Bright Minds Biosciences last traded at $1.75 on the CSE.
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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.
