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PharmaCielo Ltd. Closes $4.6 Million Bought Deal Offering
PharmaCielo Ltd. Closes $4.6 Million Bought Deal Offering Canada NewsWire TORONT...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo Ltd. Closes $4.6 Million Bought Deal Offering\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 3, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES./\n TORONTO, July 3, 2020 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\") (TSXV: PCLO) (OTCQX: PCLOF) is pleased to announce that it has closed its previously announced \"bought deal\" offering (the \"Offering\") of common shares conducted by a syndicate of underwriters, co-led by Cormark Securities Inc. and Stifel GMP (collectively, the \"Underwriters\"). The Company issued 6,388,940 common shares at a price of $0.72 per common share (the \"Offering Price\") for aggregate gross proceeds of $4,600,036.80, including proceeds from the exercise in full of the Underwriters' over-allotment option to purchase 833,340 additional common shares.  \n\n \n \n \n \n \n \n\n \nThe net proceeds of the Offering will be used for non-operational payroll expenses of PharmaCielo Colombia S.A.S. (\"PharmaCielo Colombia\"), non-operational payroll taxes of PharmaCielo Colombia, purchase of ethanol and CO2 to be used for extraction purposes, and other working capital and general corporate purposes.\nThe closing of the Offering is subject to regulatory approval including that of the TSX Venture Exchange (the \"TSXV\"). The TSXV has conditionally approved the listing of the offered common shares.\nAdditional Information Regarding the Offering \nIn satisfaction of a condition of the Offering, senior management and directors of the board of the Company have entered into a lock-up agreement for a period of 90 days from the date of closing prohibiting their disposition of securities of the Company subject to certain exceptions.\nThe Offering was conducted by way of a short form prospectus in each of British Columbia, Alberta, Ontario and Quebec. A copy of the (final) short form prospectus is available under the Company's profile on the SEDAR website at www.sedar.com. \nThe offered c...