PlantX Life Inc (CSE:VEGA) (OTCQB:PLTXF) has filed a final short form prospectus with securities regulators in British Columbia, Ontario and Alberta related to a marketed public offering for minimum gross proceeds of $10 million and maximum gross proceeds of $20 million.
The vegan food lifestyle company is pricing each unit at C$1.05, according to a statement Thursday evening.
PlantX said it had also entered into an agency agreement with Mackie Research Capital Corporation as the lead agent and sole bookrunner, which will offer the units for sale on a "best efforts" agency basis.
READ: PlantX Life's interim unaudited 3Q results show a triple-digit increase in gross revenue
Each unit consists of one share and one warrant exercisable for $2 for a two-year period following the close and subject to acceleration should PlantX’s share price equal or exceed $2 for ten consecutive trading days.
Vancouver-based PlantX granted Mackie an option, exercisable at the offering price, to purchase up to an additional 15% of the units issued to cover over-allotments, if any. The over-allotment option is exercisable to acquire additional units, common shares or warrants at the agent’s discretion.
As part of the final prospectus, PlantX has also amended the price of the units and the warrants to reflect current market conditions, it told investors. The purchase price of the units of the offering has been reduced from $1.25 to $1.05 per unit, while the exercise price of each warrant has been reduced from $1.45 to $1.25.
Additionally, the warrant acceleration price has been reduced from $2.50 to $2. All other material terms of the previously announced offering remain the same.
The offering is expected to close by March 18.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas