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.
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.
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