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MustGrow Biologics Launches C$2 Million Non-Brokered Private Placement of Units
MustGrow Biologics (MGRO.V), which rose by more than 5% yesterday, has launched a non-brokered private placement of units at C$0.50 per unit for gross proceeds of about $2 million, the company said late on Monday.Each unit will consist of one MustGrow common share and one common share purchase warrant. Each warrant will be exercisable for a 60-month period from the closing date and will entitle the holder to purchase one additional common share at an exercise price of $0.70 per warrant share.The company has the right to increase the size of the offering.Net proceeds will be used for inventory production for its mustard-derived organic biofertility product TerraSante and working capital and general corporate purposes.The offering is expected to close on or about June 11, subject to certain conditions including TSX Venture Exchange approval.
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