Medipharm Labs Increases Bought Deal To $29.0 Million

Medipharm Labs (TSX: LABS) has increased the size of the bought deal financing announced last night. Originally pegged at $20.0 million, the financing has now increased to $29.0 million.

The financing, lead by Cantor Fitzgerald, will see 50.0 million units of the company sold at a price of $0.58 per unit. Each unit contains one common share and one common share purchase warrant, with each warrant valid for a period of two years from the date of issuance with a conversion price of $0.70 per share.

An over-allotment option has also been issued, which is valid for a period of 30 days following the close of the transaction.

Proceeds from the financing are to be used to fund product development, pharmaceutical registrations, R&D, sales and marketing, as well as working capital and general corporate purposes.

The financing is slated to close March 5, 2021.

Medipharm Labs last traded at $0.68 on the TSX.


.Information for this briefing was found via Sedar and Medipharm Labs. 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.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Medipharm Labs Delays Q1 Financials, Announces Inventory Impairments

Medipharm Labs (TSX: LABS) this morning announced that it will be delaying its first quarter...

Thursday, May 14, 2020, 08:30:28 AM

Public Cannabis Companies Have Already Received More Than $25 Million in Federal Wage Subsidies

In response to the spread of COVID-19, the Canadian Federal Government introduced several programs to...

Saturday, November 14, 2020, 10:00:00 AM

Medipharm Labs Appoints Former Purdue Pharma Exec As CEO

Medipharm Labs (TSX: LABS) continues to suffer from management turnover. The company today announced that...

Wednesday, April 20, 2022, 07:56:47 AM

Medipharm Labs Signs White Label Arrangement With Shelter Brand House

Medipharm Labs (TSX: LABS) announced a white labeling agreement with that of 1193269 B.C. Ltd....

Thursday, January 9, 2020, 08:54:10 AM

Medipharm Labs Receives Australian Drug Import License

Medipharm Labs (TSX: LABS) announced this morning that the firm has received an importation license...

Friday, January 31, 2020, 09:04:16 AM