Field Trip Health Closes $20.0 Million Bought Deal
Field Trip Health (CSE: FTRP) this morning announced the closing of its bought deal financing, raising gross proceeds of $20.0 million. The closing is notable, given that the placement took place at $4.50 per share, having been announced when the equity was trading at $5.00, while the equity yesterday closed at $3.83 per share.
The financing saw a total of 4.4 million units of the company sold, with each unit being comprised of one common share and one half of a common share purchase warrant. Each whole warrant is valid until July 5, 2022, and exercisable at a price of $5.60 per share. The warrants also contain an accelerator, providing for the forced acceleration of the warrant should the company trade over $9.00 for ten consecutive days on a volume weighted basis.
Proceeds from the offering are to be used for working capital and general corporate purposes.
Field Trip Health last traded at $3.70 on the CSE.
Information for this analysis was found via Sedar and Field Trip Health. 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.
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.
