Vision Marine Technologies' (VMAR) shares fell past 27% in recent Monday trading after the company said it signed agreements with institutional investors to sell units consisting of common shares or pre-funded warrants and warrants.
Each unit will be priced at $1.25, with warrants to purchase half the number of shares or pre-funded warrants. The private placement is expected to raise about $5.8 million in gross proceeds, the company said.
The company will issue about 4.6 million common shares or pre-funded warrants and common warrants to purchase about 2.3 million common shares. Each common warrant allows the holder to buy one common share for $1.50, exercisable for five and a half years.
The private placement is set to close on Tuesday. The proceeds will be used for working capital and general corporate purposes, the company added.
Price: 1.56, Change: -0.60, Percent Change: -27.67
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