Hydropothecary announced on October 30th (and increased on November 2nd) a public offering of $60 million of Convertible Debentures Units. The deal was pre-bought by a syndicate led by Canaccord Genuity. Each unit consists of a senior unsecured debenture priced at $1000 each paying 7% interest, and 227 common shares purchase warrants.
The units will be offered in all provinces and territories of Canada.
The company also granted the syndicate an option to buy an additional 9,000 units at the same price within 30 days. If this is fully bought, the total offering will produce $69 million in gross proceeds.
The debentures can be convertible into common shares any time prior to the maturity date (3 years following issuance) at a price of $2.20 per share. The debentures will pay interest semi-annually.
On November 3, the Hydropothecary stock closed up 7% at $2.48. It is up 74% in 3 months. With a market cap of $190.15m, the company is roughly 35th largest in the sector by this measure.
Source: Hydropothecary Corp
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