PlantX To Raise $10.0 Million In Public Offering
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.
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