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.
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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.
