Demand within the natural biopesticide space from investors appears to be extremely strong. MustGrow Biologics (CSE: MGRO) this morning expanded its previously announced $2.0 million private placement rather significantly, with the offering now pegged at $6.9 million.
The financing will now see a total of roughly 2.7 million units sold, at a price of $2.60 per unit. Each unit contains one common share and one full warrant, with warrants valid for a period of two years and pegged at $4.00 per share.
Notably, Ira Gluskin and related parties have agreed to invest $1.0 million into the financing, under the same terms and conditions. Gluskin most notably is the co-founder of Gluskin Sheff + Associates, a major wealth management firm, while also serving as a director for a number of advisory committees.
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The financing will see proceeds utilized for the development of its pipeline as well as for working capital and general corporate purposes.
The offering is currently slated to close October 6.
MustGrow Biologics last traded at $2.87 on the CSE.
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