PharmaCielo Ltd (TSXV: PCLO) is the latest firm to announce a bought deal financing. The firm announced this morning that a syndicate of underwriters lead by Cormark Securities and Stifel GMP had agreed to purchase roughly $4 million in common shares on a bought deal basis.
The terms of the financing will see 5,555,560 common shares of the company sold at a price of $0.72 per share. No warrant is involved in the financing. An over allotment option also exists for up to an additional 15.0% of common shares, which would increase the entire facility to $4.6 million.
Proceeds from the financing are to be used for working capital and general corporate purposes. The finanaince is anticipated to close on June 30, 2020.
PharmaCielo Ltd last traded at $0.85 on the TSX Venture.
Information for this briefing was found via Sedar and PharmaCielo Ltd. 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.
