The Very Good Food Company (TSXV: VERY) this morning announced the closing of a bought deal offering lead by Canaccord Genuity. The arrangement saw the company raise total gross proceeds of $20.7 million.
Under the terms of the financing, the company sold a total of 5.6 million units of the company at a price of $3.70 per unit. Each unit contains one common share and one half of a common share purchase warrant. Each whole warrant is valid for a period of eighteen months from the date of issuance, at a price of $4.60 per common share.
Notably, the company indicated that the over-allotment option was exercised in full.
Proceeds from the offering are to be used to fund the beginning of operations at the firms Patterson, California production facility, as well as for ecommerce and wholesale expansions, and general corporate purposes.
The Very Good Food Company last traded at $3.88 on the TSX Venture.
Information for this briefing was found via Sedar and The Very Good Food Company. The author has no 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.
