Supreme Cannabis Looks To Raise $20.0 Million In Overnight Offering
The Supreme Cannabis Company (TSX: FIRE) this evening announced that it is looking to conduct an overnight marketed public offering. The company is looking to raise gross proceeds of $20.0 million, at a price of $0.19 per unit.
Each unit under the offering will be comprised of one common share and on half warrant, with each warrant being valid for a period of three years from the date of issuance and containing a $0.23 exercise price. The company also intends to offer a 15% over-allotment option to the underwriters under the offering.
Net proceeds from the offering are to be used to fund growth, for reserves for strategic opportunities, working capital, and general corporate purposes.
The financing is expected to close January 29, 2021.
The Supreme Cannabis Company last traded at $0.21 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.
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What exactly does that mean for share holders?