MustGrow Biologics Receives $1.5 Million From Exercise Of Warrants
MustGrow Biologics (CSE: MGRO) issued a brief news release this morning, indicating that it has bolstered company coffers via the exercise of warrants by investors. In total, the company has brought in roughly $1.5 million in cash from the exercise of warrants.
The exercise of warrants has resulted in approximately 3.2 million new shares being issued by the company, with the warrants having an average exercise price of $0.48 per share. Following the exercise of these warrants, the company has 40.7 million common shares outstanding as of January 13, 2021.
Net proceeds from the exercise of the warrants is to be used by the company to “advance its organic mustard plant-based crop protection technologies,” as well as for general working capital. Commenting on the exercise, CEO Corey Giasson stated, “A portion of the proceeds will be used to accelerate our disruptive pipeline assets, including our ground-breaking field studies in Colombia where we are working to provide a potential solution to combat the banana disease Fusarium wilt TR4.”
MustGrow Biologics last traded at $2.10 on the CSE.
FULL DISCLOSURE: MustGrow Biologics Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover MustGrow Biologics Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
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.
