Ovation Science Inc (CSE:OVAT) has closed its Initial Public Offering of units at a price $0.30 per unit on the Canadian Securities Exchange. Shares began trading November 15.
The company issued 8.05 million units for gross proceeds of $2.415 million and net proceeds of $2.16 million. The company also issued a total of 644,000 broker warrants entitling the agent and other members of the selling group to purchase one common share of the company at a price of $0.45 per share for a period of two years from closing.
Ovation Science licenses proprietary topical and transdermal cannabis formulations, such as Invisicare, used in Ovation's topical and transdermal products, and enhances the delivery of cannabidiol (CBD) and tetrahydrocannabinol (THC) to and through the skin.
READ: Medicinal cannabis investor Sativa Investments reports 'significant progress' post IPO
Each unit consists of one common share and one half of a non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the company at a price of $0.45 per common share for a period of two years from the closing of the offering.
PI Financial Corp sold the maximum amount of units under the prospectus of 7 million units. It also fully exercised its option to purchase an additional 1.05 million units.
Shares were trading at $0.44 midday Friday.
Contact Rene Pastor by rene.pastor@proactiveinvestors.com