MustGrow Biologics (CSE: MGRO) this morning announced it will be conducting a small financing. The firm will look to raise $2.0 million via a non-brokered financing.
Under the terms of the financing, the company is selling units at a price of $2.60 per each. Each unit contains one common share and one full warrant, with each warrant priced at $4.00 per common share. Warrants are valid for a period of two years from the date of issuance.
Funds from the financing are to be used for the continued development of its pipeline assets, as well as for working capital and general corporate purposes.
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The financing is expected to close September 28.
The news follows a major announcement made by the company last month, wherein it has entered into an exclusive evaluation and option agreement with that of Sumitomo Corporation.
MustGrow Biologics last traded at $3.00 on the CSE.
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