Rubicon Organics (CSE: ROMJ) announced this morning that they had finally closed their overnight marketed offering to the tune of $8.50 million. The “overnight” offering was originally announced on August 7, 2019.
Perhaps the most remarkable part of the raise, is the price that Rubicon was able to close the financing at. When announced, it was stated that the financing would be conducted at a price of $2.70 per share, with a full warrant at $3.50. Shares have not been above, or even at, the offering price since the date of the announcement. Rather, they closed yesterdays session at $2.27 per share. Thus, the ability to find investment dollars at a price above market rates in a down market is something that shouldn’t be ignored.
“We are very proud to close this overnight offering of Units and grateful for the support of both new and existing investors amidst choppy market conditions. These funds will enable us to continue the optimization of our flagship facility in Delta, B.C. to supply super-premium, certified-organic cannabis to the Canadian marketplace.”Jesse McConnell, Chief Executive Officer and Co-Founder of Rubicon Organics
Funds raised from the financing will be utilized to optimize Rubicon Organics Delta, BC, facility as well as for general working capital purposes.
Rubicon Organics is currently trading at $2.26 on the Canadian Securities Exchange.
Information for this briefing was found via Sedar and Rubicon Organics. 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.