Three Sixty Solar Ltd (OTCMKTS:VSOLF) Stock Falls After Private Placement
Canadian enterprise focusing on solar equipment supply to the global market, Three Sixty Solar Ltd (OTCMKTS:VSOLF), on May 12, 2023, announced a non-brokered private placement of a minimum of 1,587,301 and a maximum of 3,174,603 units of the Company. This will be at $0.63 per Unit for aggregate gross proceeds of at least$1,000,000 and about $2,000,000 at the higher end.
Trading Data
On Monday, VSOLF stock moved down 18.91% to $0.4500 with more than 597.31K shares traded, compared to volume of 271.39K shares. The stock moved within a range of $0.4000 – 0.6000 after opening trading at $0.6000.
Three Sixty Announces Non-Brokered Private Placement
As per Statistics MRC, the solar farm sector is set to grow to about $296 billion by 2028. Three Sixty Solar’s novel tower concept is a clean energy solution using about 90% less land space than a conventional solar farm.
For the placement, each unit will have a common share in the capital of the firm as well as a single Share purchase warrant. Every warrant will entitle the holder to acquire a single additional share at $0.78 per Warrant Share for about two years from the closing date.
The firm may pay some finders cash commission of about 7% of the aggregate gross proceeds raised. It aims to harness proceeds raised from the Offering for procuring vertical solar tower IP registration, sale of the first commercial tower, business development as well as research and development on second-generationtowers, besides general corporate purposes. The Offering is expected to close before May 26, 2023, or before.
