MacKenzie Realty Capital (MKZR) said Friday it has priced a registered direct offering and a concurrent private placement at $1.71 per share for gross proceeds of approximately $4.8 million.

The direct offering of around 2.8 million shares is with a single institutional investor. The private placement is for the issuance of unregistered series A common warrants to purchase up to around 1.4 million shares and unregistered series B common warrants to purchase 2.8 million shares, the company said.

The series A warrants will expire 18 months from the issuance date, and the series B five years from the issuance date; both will be exercisable six months from the issuance date.

The offering is expected to close on or about March 3, subject to satisfaction of customary closing conditions.

The company said it intends to use the net proceeds for capital expenditures, including acquisitions of additional properties, strategic principal payments on outstanding loans, payment of operating expenses and fees, funding for a preferred stock share repurchase program, sales and marketing activities, working capital, and general corporate purposes.

Shares were 1.8% lower in recent trading.

Price: 1.68, Change: -0.03, Percent Change: -1.75