This week brought us a range of large financings from several different tech companies with the usual smattering of junior miners. Here are our three picks for the week, including deals from a healthcare tech provider, a high-profile cybersecurity corporation, and uranium company on many base metal investors' watchlists.
Absolute Software Corp. (TSX-V: ABST)
- Gross Proceeds: US$69 million
- Sector: Cybersecurity
- Units issued: 6.27 million
- Type: Common shares
- Price: US$11.00
- Warrants: None
- Agents: Needham & Company, Canaccord Genuity
- Use of Proceeds: General corporate purposes
- Press release
Saas cybersecurity firm Absolute Software Corp. (TSX-V: ABST) announced a US$60 million public offering on Wednesday in tandem with its shares opening on the Nasdaq, and closed it on Friday with the full exercise of the deal's over-allotment option.
The company issued 6.27 million common shares at US$11.00 each, which includes 818.18 shares purchased as part of the over-allotment option. The deal was underwritten by Needham & Company and Canaccord Genuity.
The Absolute Software platform is designed to help users secure "endpoint" hardware devices on business networks—for example, computers across a remote working network. Since COVID-19 began dominating the public conversation in April, shares of the company have risen $4.34. On Friday afternoon, the stock closed at $15.22 per share.
Fission Uranium Corp. (TSX: FCU)
- Gross Proceeds: $15 million
- Sector: Uranium
- Units issued: 54.55 million
- Type: Special units
- Price: $0.275
- Warrants: Half; $0.41; Two years
- Agents: Eight Capital, Sprott Capital Partners
- Use of Proceeds: Ongoing development
- Press release
Fission Uranium Corp. (TSX: FCU) announced a $15 million bought deal with Eight Capital and Sprott Capital Partners, aiming to finance the ongoing development of its Triple R project.
The company plans to issue 54.55 million units at 27.5 cents each. Each unit will include a common share and a half-warrant, with full warrants exercisable at 41 cents for two years. The underwriters have also been granted an over-allotment option to purchase up to an additional 15% of the offering for 30 days after it closes.
Proceeds are earmarked for the ongoing development of the company's Triple R deposit on the Athabasca Basin. Read a bit more about the company in our full article here.
Vitalhub Corp. (TSX-V: VHI)
- Gross Proceeds: $15 million
- Sector: Health services software
- Units issued: 5.17 million
- Type: Common shares
- Price: $2.90
- Warrants: None
- Agents: Cormark Securities Inc.
- Use of Proceeds: Growth initiatives
- Press release
Health and human services software providers Vitalhub Corp. (TSX-V: VHI) announced a $15 million bought deal public offering on Monday with a syndicate of underwriters led by Cormark Securities Inc.
The company plans to issue 5.17 million common shares at $2.90 each. It says that proceeds will be used for "growth initiatives, working capital and general corporate purposes."
Vitalhub provides electronic healthcare record management software alongside several other healthcare software solutions like Synopsis iQ, a digital pre-operative platform. Since April, shares of the company have more than doubled, rising $1.46. On Friday, the stock closed at $2.76 per share.
