Less than a month after its last bought deal, Red Light Holland (CSE: TRIP) has announced another financing. The company this morning indicated that it has engaged Eight Capital to conduct a $5.1 million bought deal financing.
The financing will see units of the company sold at a price of $0.44 per unit, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of 3 years from the date of issuance, with an exercise price of $0.70 per common share.
An acceleration clause is also present on the warrant, enabling the company to accelerate the expiry of the warrant if the equity trades above $1.52 for ten consecutive days on a volume weighted basis. An over-allotment option has also been granted under the financing.
Proceeds from the financing are to be used for working capital and general corporate purposes.
Red Light Holland last traded at $0.485 on the CSE.
Information for this briefing was found via Sedar and Red Light Holland. 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.
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.