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NEXE Innovations Inc. Closes C$34.5 Million Bought Deal Including Full Exercise of Over-Allotment Option
NEXE Innovations Inc. Closes C$34.5 Million Bought Deal Including Full Exercise of Over-A...
About this update from Nexe Innovations Inc
[{"type":"text","content":"\n \n \n \n NEXE Innovations Inc. Closes C$34.5 Million Bought Deal Including Full Exercise of Over-Allotment Option\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN\n \n CANADA\n \n ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n VANCOUVER, BC,\n \n April 9, 2021\n \n /CNW/ - NEXE Innovations Inc. (\"NEXE\" or the \"Company\"), is pleased to announce that it has closed its previously announced bought deal public offering of units of the Company (the \"Units\") with a syndicate of underwriters led by Canaccord Genuity Corp. (the \"Underwriters\").  The Underwriters exercised the over-allotment in full and as a result the Company issued a total of 17,250,000 Units at a price of\n \n C$2.00\n \n per Unit (the \"Offering Price\") for aggregate gross proceeds to the Company of\n \n C$34.5 million\n \n (the \"Offering\").\n \n \n NEXE Innovations Chief Executive Officer and Director,\n \n Darren Footz\n \n states,\n \n \"We thank the syndicate of underwriters, new investors and our existing shareholders for their support via this oversubscribed financing.  The strong demand for this public offering is a testament to our plant-based compostable technology and our upcoming growth plans.  With a strong balance sheet and over\n \n $50 million\n \n in cash, we plan to be very active in increasing production capacity, developing new products and carrying out strategic acquisitions.\"\n \n \n \n Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (a \"Warrant\"). Each whole Warrant will be exercisable to acquire one Common Share (a \"Warrant Share\") until\n \n April 9, 2023\n \n at an exercise price of\n \n C$2.50\n \n per Warrant Share.\n \n \n The Company paid the syndicate of Underwriters a cash commission of\n \n $1,905,000\n \n and issued to the Underwriters an aggregate of 952,500 underwriter...