04:52 PM EDT, 09/23/2024 (MT Newswires) -- Kneat (KSI.TO) said Monday it is is raising $35 million in a bought-deal share offering

The company said it is selling a group of underwriters 7.37-million shares priced at $4.75 each. The buyers were also granted an over-allotment option of 1.05-million shares.

Proceeds are expected to be used for strategic initiatives across product development, partnerships, and market entry. The offering is set to close around Oct. 10, subject to certain regulatory clearances, the company said.

Kneat shares closed down $0.14 to $4.89 on the Toronto Stock Exchange.