The Supreme Cannabis Company (TSX: FIRE) late last night announced that it will be conducting another at the market equity program, which is more commonly referred to as an ATM financing among investors. The financing will be conducted by that of BMO Capital Markets.
In total, the company will look to raise gross proceeds of up to $30.0 million via the sale of its equity directly on the market at prevailing market prices. The company has attempted to position the financing as providing “additional financing flexibility should it be required in the future.” Shares are to be sold primarily on the Toronto Stock Exchange under the financing.
The program is effective as of March 3, and has a currently stated expiry of the earlier of March 24, 2023, or the issuance and sale of $30.0 million in common shares. Proceeds are to be used for working capital, capital expenditures, the repayment of debt, and general corporate purposes.
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The announcement follows the news that the company closed a bought deal financing for $29.5 million just two weeks ago.
The Supreme Cannabis Company last traded at $0.28 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.
