Voyager Digital (CSE: VYGR) this morning announced a $7.0 million private placement that is to be conducted on a best efforts basis. Lead by Stifel GMP, the offering is to consist of special warrants that will be convertible into units of the company, at a price of $1.50 per special warrant.
Each unit under the offering is to consist of one common share of the company along with a half warrant, with an estimated 4.7 million units to be issued under the offering. Each warrant included under the offering is to have an exercise price of $2.50 along for a period of two years following the closing of the offering.
An over allotment option also exists, valid for a period of fourty eight hours prior to the closing date, which may expand the offering by up to 15%.
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Special warrants issued under the offering will be eligible to be converted to units of the company upon exercise of the special warrants by way of a prospectus. Essentially, the company is required to file a prospectus, after which the special warrants can be converted to units.
Proceeds from the financing are to be used for working capital and general corporate purposes. The financing is expected to close at some point in December 2020, with a more exact date not provided.
Voyager Digital last traded at $1.72 on the CSE.
Information for this briefing was found via Sedar and Voyager Digital. 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. The author holds no licenses.
