Pure Extracts (CSE: PULL) yesterday announced the closure of its offering of special warrants, raising gross proceeds of $8.5 million. The financing was closed via the closing of two tranches within the financing, with the final tranche consisting of $5.5 million in gross proceeds.
A total of 16.9 million special warrants were issued under the offering, with special warrants sold at a price of $0.505 per each. Each special warrant converts to one unit of the company, with each unit containing one common share and one half of a common share purchase warrant. Each warrant is valid for a period of two years from the date of issuance, at an exercise price of $0.65 per share.
Net proceeds from the financing are to be used primarily for capacity expansion for the firms extraction business as well as for general working capital.
Sponsored · First Phosphate Corp.
Pure Extracts last traded at $0.72 on the CSE.
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