Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Psychedelics company, Red Light Holland (CSE:TRIP) has closed the second tranche of a private placement, which raised C$830,529 in proceeds
  • When added to proceeds from the first tranche, the company has raised approximately $3.83 million from its private placement
  • In the second tranche, Red Light issued 5.03 million units at 16.5 cents each, with units containing a company share and purchase warrant
  • The company plans to use the second tranche’s proceeds for working capital and general corporate purposes 
  • Red Light Holland (TRIP) is down 7.41 per cent and is currently trading at 12 cents per share

Psychedelics company, Red Light Holland (CSE:TRIP) has closed the second tranche of a private placement, which raised C$830,529 in proceeds.

When added to proceeds from the first tranche, the company has raised an aggregate $3.8 million from its private placement. 

Red Light Holland issued a total of 5.03 million units during the placement’s second tranche. Each unit, sold at 16.5 cents each, contained one common company share, and one common share purchase warrant.

Each purchase warrant entitles the holder to buy one more common share in the company, at an exercise price of 26 cents. The warrants are exercisable until June 16, 2024, subject to an accelerated expiry option.

All securities which Red Light Holland issued in the second tranche are subject to a four-month hold period. 

Eight Capital acted as the sole agent for the second tranche. The company has paid Eight Capital a cash fee of $58,137, and issued 352,346 compensation options for its services.

Each compensation option entitles the agent to purchase one unit of the company at the issue price within 48 months.

Red Light’s Director and CEO, Todd Shapiro, commented positively on the closing of the placement’s second tranche.

“We continue to lock in more financing, which strengthens Red Light Holland’s position of being one of the global leaders in this relatively new sector. 

“We are elated to have new shareholders who share in our vision,” he said.

The company plans to use the proceeds from the second tranche for working capital and general corporate purposes.

Red Light Holland is down 7.41 per cent and trading at 12 cents per share at 3:12pm EDT.

More From The Market Herald

Shiny Health appoints interim CEO after Nadeau’s resignation

Shiny Health & Wellness has appointed Meris Kott as the cannabis company's interim CEO after the resignation of Michael Nadeau.

The Market Herald’s Weekly Cannabis Report – Nov. 24, 2023

This week's cannabis stock news includes Shiny Health & Wellness appointing Meris Kott as its interim CEO after Michael Nadeau resigned.

Buzz on the Bullboards: More stocks to be thankful for

Cannabis, resource and industrial sectors were busy in fall stock markets, and traders are focusing on value heading into the holidays.
biosteel

Canopy Growth notches court-approved sale of BioSteel

Canopy Growth (TSX:WEED) announces it has received a court-approved sale of its BioSteel sports drink subsidiary.