Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) has closed on the previously announced registered direct offering with a single strategic consumer-focused institutional investor for the purchase and sale of 18.5 million common shares of the company and 6.5 million pre-funded warrants, with each pre-funded warrant exercisable for one common share.
The common shares and the pre-funded warrants were sold together with series A warrants to purchase up to an aggregate of 25 million common shares and series B warrants to purchase up to an aggregate of 25 million common shares. Each common share and the accompanying common warrants were sold together at a combined offering price of $0.32, and each pre-funded warrant and accompanying common warrants were sold together at a combined offering price of $0.32, for aggregate gross proceeds of $8 million before deducting fees and other estimated offering expenses. The pre-funded warrants are funded in full at closing except for a nominal exercise price of $0.0001 and are exercisable commencing on the closing date, and will terminate when such pre-funded warrant is exercised in full.
The Series A warrants have an exercise price of $0.32 per share and are exercisable six months after the closing date and will expire five and a half years from the date of issuance. The series B warrants have an exercise price of US$0.32 per share and are exercisable six months after the closing date, and expire 18 months from the date of issuance.
Michael Cammarata, president & CEO of Neptune Wellness Solutions, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
