On April 24, 2024, Xtract One Technologies Inc. (the “Company”) closed its public offering of units (the “Offering”) conducted by Eight Capital, as lead agent and sole bookrunner, and Echelon Wealth Partners Inc. (together with Eight Capital, the “Agents”).
Pursuant to the Offering, the Company issued 14,057,500 units (the “Units”) at a price of C$0.51 per Unit for aggregate gross proceeds of C$7,169,325, which includes the partial exercise of the over-allotment option granted to the Agents. Each Unit consists of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Common Share until April 24, 2027 at an exercise price of C$0.64, subject to adjustment in certain events.
On May 1, 2024, the agents exercised the remainder of the over-allotment option in full for an additional 2,042,500 Units at a price of C$0.51 per Unit for aggregate gross proceeds of C$1,041,675.
Fasken advised Eight Capital with a team led by John Sabetti and that included Allison Marks, Chelsea Young and Brittany Vanword (Capital Markets and M&A); Armand Benitah (Intellectual Property); Andrew Nunes and Anagha Nandakumaran (Information Technology); Mitchell Thaw (Tax); and Rohat Jumani (Articling Student).
Jurisdiction
- Ontario
