BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) has reported significant demand for the second tranche of its placement of convertible notes which has now closed.
As a result, the company said it expects the offering to be oversubscribed and therefore intends to close an additional tranche of up to C$3 million by December 15, 2022, subject to regulatory approvals.
Under the second tranche, the company issued notes totalling C$2.61 million taking the amount raised under the offering to date to C$9.49 million.
The notes issued under the second tranche, and any common shares issuable upon conversion of such notes, are subject to a four month and one day hold expiring March 16, 2023.
Vancouver-based BioHarvest Sciences is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology: the first and only industrial-scale plant cell technology capable of producing active plant ingredients without the necessity to grow the plant itself.
Shares in BioHarvest were up 10.5% at C$0.32.
Contact Jeremy at jeremy@proactiveinvestors.com