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.
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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.
