Neptune Wellness Solutions, a Canadian health and wellness company to sell $12 million in shares for operating capital.
Neptune Wellness Solutions which is based in Laval, Quebec is a hemp extractor and product manufacturer that is selling off more than 4.7 million common shares at an offering of U.S $2.65 per share to raise some $12.65 million. The company gave a statement on Monday stating that it expects to use net process from this stock offering for working capital and general corporate purposes.
It has been announced by the company today, that it has closed the registered direct common share offering with one of it’s existing institutional investors and two new U.S institutional investors for gross proceeds of approximately US$12.65 million.
The company President, CEO & Director Michael Cammarata, stated that the offering and support of their existing and new investors validate the current growth initiatives of the company.
The net proceeds from the sale are expected to be used by the Company for working capital and other general corporate purposes.