- PesoRama (PESO) has completed the first tranche of its previously announced non-brokered private placement
- The company issued 5,939,333 units at a price of $0.15 per unit for gross proceeds of $890,899.95
- It also received subscriptions for an additional $170,000, which the company expects to close shortly
- The company plans to use the net proceeds for working capital and general corporate purposes
- PesoRama, operating under the JOi Dollar Plus brand, is a Mexican dollar store retailer
- PesoRama (PESO) was up 20.00 per cent, trading at $0.12 per share
PesoRama (PESO) has completed the first tranche of its non-brokered private placement.
The company issued 5,939,333 units at a price of $0.15 per unit for gross proceeds of $890,899.95. PesoRama also received subscriptions for an additional $170,000, which the company expects to close shortly.
Between the offering and the additional subscriptions, insiders or immediate family members have subscribed for $327,500.
The company also anticipates a further closing of units on or before January 20, 2023 for up to an additional $1.5 million.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.30 for a period of three years from the closing date of the offering.
The company plans to use the net proceeds for working capital and general corporate purposes.
The offering constituted a “related-party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (MI 61-101), as insiders of the company subscribed for 2,183,333 units.
PesoRama, operating under the JOi Dollar Plus brand, is a Mexican dollar store retailer in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more.
PesoRama (PESO) was up 20.00 per cent, trading at $0.12 per share at 2:13 pm ET.