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.
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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.
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