Venu (VENU) closed a public offering of 18.75 million common shares and accompanying warrants at $4 apiece, generating $75 million in gross proceeds.

Each warrant entitles the holder to buy one share at an exercise price of $5, Venu said Tuesday in a statement.

Underwriters were granted a 45-day overallotment option to buy up to an additional 2.8 million shares and an equivalent number of warrants.

Net proceeds will be used to help fund the development costs of Sunset McKinney and Sunset Broken Arrow, to repay a promissory note linked to a property acquisition in Colorado, and for general corporate purposes, the company said.