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.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Harborside Expands Capacity At Salinas Facility By 50%

Harborside Inc (CSE: HBOR) this morning announced that it has completed substantial upgrades at its...

Wednesday, June 30, 2021, 08:36:46 AM

Harborside: A Top Tier California Operator – The Daily Dive feat Matt Hawkins

Starting off this week on the Daily Dive is that of Matt Hawkins, Managing Partner...

Monday, February 15, 2021, 01:30:00 PM

Harborside Reports Preliminary Q3 Revenues Of US$18.5 Million

Harborside Inc (CSE: HBOR) yesterday announced positive preliminary results for its third quarter of fiscal...

Tuesday, October 13, 2020, 12:13:21 PM

Harborside Appoints Matt Hawkins As Interim CEO

Harborside Inc (CSE: HBOR) this morning announced that it is shaking things up at the...

Monday, July 19, 2021, 08:05:41 AM

Harborside Closes On Majority Stake In Haight-Ashbury Dispensary

Harborside Inc (CSE: HBOR) this morning announced that it has closed the previously announced acquisition...

Monday, December 21, 2020, 10:15:47 AM