Harborside Upsizes Financing To $27.0 Million Following Excess Demand
Harborside (CSE: HBOR) has evidently seen strong demand for the $20.0 million private placement it announced last night, with the firm this morning upsizing the financing to $27.0 million. The increase was identified as being specifically due to “excess demand.”
Under the terms of the financing, the company is raising proceeds via the sale of units at a price of $2.55 each. Each unit contains one subordinate voting share and one subordinate voting share purchase warrant. Each warrant is valid for a period of 36 months from the date of issuance, and contains an exercise price of $3.69 per share. An over-allotment option has also been granted in connection with the raise.
Proceeds from the financing are to be used for general corporate and working capital purposes.
The financing is expected to close February 9, 2021.
Notably, the company also announced preliminary results for the 2020 last night, with the company expecting revenues between $61 million and $63 million, along with positive EBITDA. For 2021, the company has also guided towards revenues of $68 million to $72 million, with adjusted EBITDA anticipated to be between 15% and 17%.
Harborside Inc last traded at $2.84 on the CSE.
FULL DISCLOSURE: Harborside Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Harborside Inc on The Deep Dive, with The Deep Dive having full editorial control. 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.
