The Supreme Cannabis Company (TSX: FIRE) this morning announced the closing of its previously announced bought deal offering. The company managed to raise gross proceeds of $25.9 million via the issuance of 83.5 million units, which includes the full allocation of the over-allotment option.
Under the terms of the offering, each unit was sold at a price of $0.31 per unit, with each unit containing one common share and one half of a common share purchase warrant. Each warrant is valid for a period of three years, and contains an exercise price of $0.40 per share.
The warrants are to begin trading this morning on the TSX, under the symbol “FIRE.WS”.
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Proceeds from the offering are to be used to fund growth, for strategic opportunities, as well as for working capital and general corporate purposes.
Supreme Cannabis last traded at $0.295 on the TSX.
Information for this analysis was found via Sedar and Supreme Cannabis. 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.
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