Hexo Corp (TSX: HEXO) (NYSE: HEXO) this morning released the details of its previously announced overnight marketed public offering, which will see a raise of $50.04 million occur. The financing is being lead by Canaccord Genuity Corp and Canaccord Genuity LLC, along with a syndicate of underwriters.
The financing will see units of Hexo sold at a price of $0.90, with units consisting of one common share and one half warrant. Each full warrant entitles the holder to acquire one common share of the company at a price of $1.05 for a period of five years from issuance. In total, 55.6 million units are expected to be sold under the offering, with the underwriters having a 30-day option to sell 8.34 million additional units.
The offering is expected to close by May 21, 2020, and will see gross proceeds put towards working capital and general corporate purposes.
Hexo Corp last traded at $0.75 on the NYSE.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
