Solarbank (SUUN) said Friday it has signed a deal to sell to an institutional investor about 2.4 million common shares and warrants to buy an equal amount of shares at a combined purchase price of $3.55 per share with warrant for gross proceeds of roughly $8.5 million at closing.

The company said it may raise up to an additional $10.7 million upon full cash exercise of the warrants for total gross proceeds of over $19 million, although there is no assurance that any of the warrants would be exercised.

The warrants are immediately exercisable at $4.45 per share and will expire five years from the issuance date, the company said.

SolarBank said it intends to use the net proceeds for its projects, working capital and other general corporate purposes.

The offering is expected to close around Monday, the company said.

Shares of the company were down 3.6% in recent Friday premarket activity.