Global Carbon Credit Corp on Tuesday announced that it intends to conduct its next round of financing as it prepares to go public later this year. The firm will see a best efforts private placement conducted, in a financing led by Haywood Securities, Canaccord Genuity, and BMO Capital Markets.
The financing looks to raise gross proceeds of $35.0 million under the current terms of the offering. Units of the company are being offered at a price of $0.55 per each, with each unit containing one common share and one half of a common share purchase warrant. Warrants are valid for a period of two years from the date of issuance and contain an exercise price of $1.00 per share.
An over-allotment option has also been granted, which could see the offering expand by as much as 15%, dependent on investor demand.
Proceeds from the financing are to be used to acquire carbon credits. Credits are to be acquired as the firm works to construct its diversified portfolio of credits within the voluntary market. Funds raised will also be used for general corporate purposes.
The financing is currently set to close on March 30, 2022.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive, is currently long this equity. We may buy or sell securities in the company at any time. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
