PlantX Life (CSE: VEGA) this morning announced the pricing of its previously announced offering. The company will look to raise a minimum of $10.0 million in gross proceeds via the sale of units at a price of $1.25 per each.
A total of 8.0 million are expected to be sold at minimum, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of two years from the date of closing and contains an exercise price of $1.45 per common share.
An acceleration clause is also attached to the warrant, enabling an accelerated expiry in the event the equity trades of $2.50 per share for a period of ten consecutive business days on a volume weighted basis.
Proceeds from the financing are to fund expansion, to pursue and evaluate potential strategic acquisitions, to continue the development of a user app, and for working capital and general corporate purposes.
The offering is currently expected to close March 11, 2021.
PlantX Life last traded at $1.34 on the CSE.
FULL DISCLOSURE: Vegaste Technologies is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Vegaste Technologies 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.