PopReach Corporation (TSXV: POPR) this morning announced that it is conducting a bought deal private placement for gross proceeds of $10.0 million. The financing, lead by Beacon Securities on behalf of a syndicate of underwriters, will see 8.0 million common shares of the issuer sold.
The financing is not to include any warrant in the offering, with common shares sold at $1.25 a piece. An over allotment option has also been granted for a period of 30 days, enabling the financing to be expanded by up to 15% upon exercise.
Proceeds from the offering are intended to be used for acquisitions, working capital, and general corporate purposes. The financing is expected to close by November 26, 2020.
PopReach Corp last traded at $1.50 on the TSX Venture.
Information for this briefing was found via Sedar, PopReach, and Refinitiv. 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.