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Neptune Wellness Solutions Inc. (NASDAQ:NEPT) (TSX:NEPT) has closed on the previously announced registered direct offering with a single strategic consumer-focused institutional investor for the purchase and sale of 18.5 million common shares of the company and 6.5 million pre-funded warrants, with each pre-funded warrant exercisable for one common share.
The common shares and the pre-funded warrants were sold together with series A warrants to purchase up to an aggregate of 25 million common shares and series B warrants to purchase up to an aggregate of 25 million common shares. Each common share and the accompanying common warrants were sold together at a combined offering price of $0.32, and each pre-funded warrant and accompanying common warrants were sold together at a combined offering price of $0.32, for aggregate gross proceeds of $8 million before deducting fees and other estimated offering expenses. The pre-funded warrants are funded in full at closing except for a nominal exercise price of $0.0001 and are exercisable commencing on the closing date, and will terminate when such pre-funded warrant is exercised in full.
The Series A warrants have an exercise price of $0.32 per share and are exercisable six months after the closing date and will expire five and a half years from the date of issuance. The series B warrants have an exercise price of US$0.32 per share and are exercisable six months after the closing date, and expire 18 months from the date of issuance.
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