On November 2, 2020, Vext Science, Inc. closed a public offering of 17,777,165 units at a price of $0.36 per unit for gross proceeds of approximately $6.4 million, which included the partial exercise of the agents’ over-allotment option. On December 1, 2020, the agents further exercised their over-allotment option in full to purchase an additional 1,389,500 units for gross proceeds of approximately $500,000, bringing the aggregate gross proceeds of the public offering to approximately $6.9 million. Each unit is comprised of one common share and one share purchase warrant of Vext. Each warrant entitles the holder to purchase one subordinated voting share at an exercise price of $0.45 until November 2, 2023.
Concurrent with the public offering, Vext closed a non-brokered private placement of 4,064,500 units for gross proceeds of approximately $1.46 million.
The financings were conducted by Beacon Securities Limited, as lead agent and sole bookrunner, on its own behalf and on behalf of a syndicate of agents including Canaccord Genuity Corp.
Cassels acted for the agents with a deal team that included Sean Maniaci, Jamie Litchen and David Singh (Securities and Cannabis) and Chris Norton (Tax).