Adcore Inc. (TSX:ADCO) said it has priced a marketed offering of units of the company as it looks to raise new capital to help fund sales, marketing, research, and development.
The company plans to issue 3.1 million units at a price of $1.33 per unit, raising gross proceeds of $4.12 million. Each unit will consist of one common share of the company and half a warrant. Each warrant will be exercisable into one common share for a period of 24 months from the closing of the offering at an exercise price of $1.80.
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Adcore, which provides search engine marketing software solutions and services via automation and machine learning technologies, said the units would be offered in each of the provinces and territories of Canada, other than Quebec, in line with May’s prospectus.
The offering is being conducted through a syndicate of underwriters led by Canaccord Genuity Corp. and including Echelon Wealth Partners Inc., Roth Canada, ULC and Haywood Securities Inc.
The underwriters have been granted an option to purchase up to an additional 465,000 units on the same terms and conditions of the offering to cover overallotments and for market stabilization purposes. If the overallotment option is exercised in full the total gross proceeds of the offering will be $4.74 million.
The offering is expected to close on or about June 17, 2021, and is subject to the company receiving all necessary regulatory approvals.
Contact Stephen at stephen.gunnion@proactiveinvestors.com