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”.
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.
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.