03:42 PM EDT, 06/28/2024 (MT Newswires) -- BioHarvest Sciences (BHSC.CN) said Friday it has raised more than US$4.3 million in the first tranche of its private placement, having issued 603,904 share units at US$7.17 each. Each unit includes one common share, a quarter of a US$7.68 warrant expiring in six months, and a quarter of a US$11.52 warrant expiring in 18 months.

Consequently, the company issued 150,978 warrants to purchase one common share at US$7.68 within six months, and 150,978 warrants to purchase one common share at US$11.52 within 18 months.

The funds will support BioHarvest's Contract Development and Manufacturing Organization (CDMO) business unit, expand manufacturing capabilities, and be used for general corporate purposes.

BioHarvest also announced the early conversion of convertible debt notes from financing rounds completed in October 2022 and December 2023. It reports that C$288,933 of principal loans and accrued interest has been converted into 33,697 common shares. In line with the December 2023 convertible loans, BioHarvest has issued 20,242 "early exercise" warrants at US$7.70 expiring December 22, 2025. Each warrant allows the holder to purchase one common share at US$7.70.

With this conversion, over 93% of BioHarvest's convertible notes have been exercised.

Price: 8.25, Change: -0.15, Percent Change: -1.79