Planet 13 Holdings (CSE: PLTH) this morning announced that it is one of the latest US operators to conduct a financing. The company is conducting a bought deal financing, lead by Beacon Securities and Canaccord Genuity, raising gross proceeds of $50.1 million.
The financing will see the company issue 7.2 million units at a price of $7.00 per unit. Each unit is to consist of one common share and one half of a common share purchase warrant, with each warrant containing an exercise price of $9.00 for a period of twenty four months. A 15% over-allotment option has also been granted to the underwriters, which is in effect for a period of 30 days following the close of the financing.
Net proceeds from the financing are to be used for potential acquisitions, working capital, and general corporate purposes.
The financing is currently slated to close on February 2, 2021.
Planet 13 Holdings last traded at $8.05 on the CSE.
Information for this briefing was found via Sedar and Planet 13 Holdings. 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.
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