Khiron Life Sciences (TSXV: KHRN) announced that it is conducting at $10.0 bought deal private placement this morning. Lead by Canaccord Genuity, the financing will see units of the company sold at a price of $0.45 per unit.
A total of 22,250,000 units of the company are expected to be sold under the bought deal financing, with each unit comprising of one common share and one common share purchase warrant. Each warrant is valid for a period of five years, with an exercise price of $0.75 per share. A 15% over allotment option also exists on the financing for a period of 30 days, which if exercised would bring the total raise to $11.5 million.
Proceeds from the financing are to be used to expand the operating capacity of the company as well as for working capital and general corporate purposes. The financing is currently anticipated to be closed by November 26, 2020.
Khiron Life Sciences last traded at $0.55 on the TSX Venture.
FULL DISCLOSURE: Khiron Life Sciences is a former client of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
