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.
