PharmaCielo Conducts $4.0 Million Bought Deal Financing
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.
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.
