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.
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