Harborside Inc (CSE: HBOR) this morning announced the closing of its upsized private placement. The placement, originally pegged at $20.0 million, and then subsequently increased to $27.0 million, has now closed out after raising gross proceeds of $35.1 million.
The financing saw units of the company sold at a price of $2.55 per subordinate voting share unit. Each unit consists of one subordinate share as well as one subordinate share purchase warrant. Each warrant contains an exercise price of $3.69 per share, and is valid for a period of three years from the date of issuance.
Proceeds from the offering are to be used for working capital and general corporate purposes.
“With a strengthened balance sheet, Harborside is well positioned to further accelerate our growth as we enter 2021. We remain focused on continuing to build scale in the California market by optimizing and generating further efficiencies at our Salinas farm while continuing to provide best-in-class retail experiences and the high-quality cannabis products our customers in California have come to expect from Harborside.”
Peter Bilodeau, Interim CEO of Harborside
Harborside last traded at $2.63 on the CSE.
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