Mind Cure Announces $10.0 Million Bought Deal Financing
Mind Cure Health (CSE: MCUR) this afternoon revealed that it is conducting a bought deal financing. The company is looking to raise gross proceeds of $10.0 million under the financing, with units being sold at $0.60 per each. The financing is being lead by Canaccord Genuity Corp.
Under the terms of the financing, each unit is to consist of one common share and one half warrant. Each warrant is valid for a period of five years from the date of issuance, with an exercise price of $0.80 per share.
An acceleration clause is also present on the warrant, enabling the company to accelerate the expiry of the warrant if the stock trades above $1.50 for a period of ten days on a volume weight basis. The company will also look to list the warrants on the CSE upon closing of the transaction.
An over-allotment option has also been granted to underwriters, valid for a period of 30 days following the close of the financing.
Net proceeds from the financing are to be used for product research, develop, and expansions, to further the firms tech platform including further development of the iSTRYM platform, marketing, and for working capital and general corporate purposes.
Mind Cure Health last traded at $0.75 on the CSE.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
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