Despite making a major announcement yesterday, there was not a lot of movement in the Simply Better Brands Corp (OTCMKTS:PKANF) (CVE:SBBC) stock and it traded within a range.
Market Reaction
On Friday, PKANF stock ended flat at $3.99 with 985 shares, compared to its average volume of 48 shares. The stock moved within a range of $3.9923 – 3.9923 after opening trade at $3.99.
Simply Better Brands Corp. Announces Increased Offering Size of up to CAD$2.5 Million Private Placement
Yesterday the company made an announcement with regards to its non-brokered private placement that it had announced earlier on in the week. Simply Better announced yesterday that it had decided to raise the size of the private placement and was going to offer as many as 580,046 units in the company. The price for each unit was set at C$4.31 and the company noted that it expected to raise as much as C$2,500,000 in the form of gross proceeds.
In addition to that, Simply Brands also noted that it was going to use a portion of the proceeds from the private placement towards repaying its debts. Some of the proceeds are also going to be used for working capital purposes.
Considering the fact that the offering is of a non-brokered nature, Simply Better would not need to pay any fees or commission in relation to the offering. Although the stock was trading in a range, it will be interesting to see if there is any reaction from the market today.
