Vext Science Upsizes Bought Deal Public Offering To Raise $18M

Vertically integrated CBD company Vext Science Inc. VEXT VEXTF is poised to raise $18 million through a bought deal offering of its units.

The Phoenix-based company confirmed Wednesday that Beacon Securities Ltd. will purchase some 16.1 million units of Vext Science at $1.12 per unit under the amended deal.

In addition, BSL said it acts on its behalf and behalf of the underwriters' syndicate as a lead underwriter and sole bookrunner.

The company noted that each unit consists of one common share in its capital and one-half of one common share purchase warrant.

Each warrant gives the holder an option to buy one subordinated voting share at $1.40 for three years following the closing date.

Moreover, underwriters are granted an option to buy up to an additional number of units corresponding to 15% of the units sold under the offering deal at a previously set price.

Vext Science, which previously did business as Vapen MJ Ventures, disclosed it would use the proceeds for working capital and general corporate purposes.

The offering is expected to close on or about Feb. 3.