Clear Blue Technologies (TSXV: CBLU), an operator in the clean power space, this morning announced that it will be conducting a $3.0 million brokered private placement lead by Echelon Wealth Partners. The financing is significant, given that the equity had seemingly little interest until mid-November when it announced a deal with an African telecommunications firm.
The proposed financing will see a total of 7.9 million units of the company sold at a price of $0.38 per each. Each unit contains one common share and one half of a common share purchase warrant, with an exercise price of $0.55 per common share. Warrants issued under the offering are valid for a period of three years from the date of issuance.
Warrants issued under the financing will also be subject to an acceleration clause, whereby if the equity remains above $0.85 for a period of twenty consecutive days the expiry date may be accelerated to 30 trading days following the acceleration upon notice being issued by the company.
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Proceeds from the financing are stated to be used for sales, marketing, R&D, and working capital. An anticipated closing date was not provided.
Clear Blue Technologies last traded at $0.48 on the TSX Venture.
Information for this briefing was found via Clear Blue Technologies and Sedar. 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.
