Pure Extracts (CSE: PULL) yesterday announced the closure of its offering of special warrants, raising gross proceeds of $8.5 million. The financing was closed via the closing of two tranches within the financing, with the final tranche consisting of $5.5 million in gross proceeds.
A total of 16.9 million special warrants were issued under the offering, with special warrants sold at a price of $0.505 per each. Each special warrant converts to one unit of the company, with each unit containing one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance, at an exercise price of $0.65 per share.
Net proceeds from the financing are to be used primarily for capacity expansion for the firms extraction business as well as for general working capital.
Pure Extracts last traded at $0.72 on the CSE.
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