3 Financings You Need to Know About This Week (Aug. 22-26)

1. Exro Technologies Inc. (TSX: EXRO)

• Gross Proceeds: $10 million
• Sector: Sustainable tech
• Units issued: 9.5 million
• Type: Special units
• Price: $1.05
• Warrants: Full; $1.36; Four years
• Agents: Non-brokered / National Bank Financial Inc.
• Use of Proceeds: Growth plans

Company breakdown:

• Concurrent public offering and private placement for a company that develops systems that optimize sustainable technology like electric motors and energy storage
• Recently announced that the company was supplying 1500 of its coil driver units to SEA Electric
• Shares of the company plummeted back in January, when competitor ePropelled filed a patent lawsuit against Exro, claiming it had stolen its Dynamic Torque Switching tech, though Exro refuses the claims

2. Grid Metals Corp. (TSX-V: GRDM)

• Gross Proceeds: $8.52 million
• Sector: Battery metals
• Units issued: 56 million
• Type: Special units; Flow-through shares    
• Price: $0.12; $0.21
• Warrants: None
• Agents: Non-brokered
• Use of Proceeds: Ongoing exploration

Company breakdown:

• Lithium and nickel explorer with projects in Manitoba and Ontario
• Recently drilled 7.3 metres of 1.17 percent Li2O at its Donner Lake project
• A preliminary economic assessment for its flagship Makwa Mayville project pegs it with an after-tax net present value of $109 million

3. Bright Minds Biosciences (CSE: DRUG)

• Gross Proceeds: $4 million
• Sector: Pharmaceuticals
• Units issued: 2.86 million
• Type: Special units
• Price: $1.40
• Warrants: Full; $1.76; Two years
• Agents: Eight Capital
• Use of Proceeds: Drug development

Company breakdown:

• A company working to develop new pharmaceuticals that use synthetic chemicals built based on the structure of psychedelic chemicals to target serotonin to treat disorders like depression
• Proceeds will be used for "preclinical development and clinical development activities" in addition to working capital
• Shares of the company have declined sharply since the company began trading on the Nasdaq last November, dropped from a peak of over $10.00 a share to $3.26 today