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

August 26, 2022 04:18 PM PST

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

You May Like