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Home » Covalon re-prices offering to $5.5m

Covalon re-prices offering to $5.5m

September 9, 2019 By Sean Whooley

Covalon TechnologiesCovalon Technologies (TSXV:COV.V) said last week that it has re-priced its original non-brokered, private placement of $6.3 million to $5.5 million to reflect the current market price of its common shares.

The revised offering will now include nearly 2.8 million units at $2 per unit, instead of the initial offer of 2.5 million units at $2.51 per unit, which was announced on Aug. 1. It comprises an approximately 11% premium to the market price of common shares as of Sept. 5.

Each common shareholder will be entitled to an additional common share at $2 per share for a period of five years from the closing date. The offering is subject to approval by the TSX Venture Exchange.

Covalon said in a news release that it plans to use the offering for general working capital, expansion of international distribution channels, development and commercialization of new products and for the repayment of debt. The Ontario-based company expects substantial insider participation in the offering.

Covalon produces technologies designed to prevent, detect, and manage medical conditions in areas such as infection control, vascular access, surgical procedures, advanced wound care, and medical device coatings.

Filed Under: Business/Financial News, Featured, Funding Roundup, Surgical, Vascular, Wall Street Beat Tagged With: Covalon Technologies

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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