BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) told investors it has closed the first tranche of its private placement announced on June 21, 2024, raising approximately $4.3 million (approximately C$5.9 million).
The leader in Botanical Synthesis said the funds raised will support its Contract Development and Manufacturing Organization (CDMO) business unit, expand manufacturing capabilities at the newly acquired 80,000-square-foot campus, and be used for general corporate purposes.
It issued 603,904 shares at US$7.17 each, with each unit consisting of a common share, one-quarter of a US$7.68 warrant expiring in 6 months, and one-quarter of a US$11.52 warrant expiring in 18 months.
Further, it issued 150,978 warrants to purchase one common share at US$7.68 within six months, and 150,978 warrants to purchase one common share at US$11.52 within 18 months.
Further, the company announced the early conversion of convertible debt notes from financing rounds completed in October 2022 and December 2023.
It said the convertible debt notes were from financing rounds completed in October 2022 and December 2023.
BioHarvest issued 20,242 “Early Exercise” warrants at US$7.70 expiring on December 22, 2025, which allow the holder to purchase one common share at US$7.70.
It highlighted that with this conversion, more than 93% of its convertible notes have now been exercised.