Business
ALUULA Announces Completion of $3.67M Bought Deal Financing
Victoria, British Columbia--(Newsfile Corp. - July 12, 2023) - ALUULA Composites Inc. (TSXV: AUUA...
About this update from Aluula Composites Inc
[{"type":"text","content":"ALUULA Announces Completion of $3.67M Bought Deal FinancingVictoria, British Columbia--(Newsfile Corp. - July 12, 2023) - ALUULA Composites Inc. (TSXV: AUUA) (\"ALUULA\"or the \"Company\") is pleased to announce that it has closed its previously announced bought deal brokered private placement, led by Haywood Securities Inc. (\"Haywood\"), consisting of a total of 24,489,953 units (the \"Units\"), including partial exercise of the over-allotment option, at a price of $0.15 per Unit (the \"Issue Price\") for aggregate gross proceeds to the Company of $3,673,492.95 (the \"Offering\"). Each Unit consists of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.25 per share for a period of 24 months from the closing of the Offering.In connection with the Offering, the Company: (i) paid Haywood a cash commission of $220,409.58; (ii) issued to Haywood 1,469,397 broker warrants, exercisable to acquire Units at the Issue Price; and (iii) paid Haywood a corporate finance fee comprised of $45,918.40 in cash and $137,756.25 payable in Units (being 918,375 Units).The Company expects to use the net proceeds of the Offering to expand production capacity (including a shift to wider industry standard 1.5 meter output widths), repay outstanding bank debt, make modest increases to its workforce and expand its facilities. The securities issued in connection with the Offering are subject to a hold period of four months, expiring on November 13, 2023, in accordance with applicable securities laws.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the \"1933 Act\") or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.No securities regulatory authority has either approved or disapproved of the contents of this news release. About ALUULAALUULA Composites Inc. (TSXV: AUUA) was created with a vision to find solutions for real wor...