PharmaCorp Rx Inc. Secures C$23 Million in Public Offering
CALGARY, Alberta – PharmaCorp Rx Inc. (“PharmaCorp” or the “Company”) (TSXV: PCRX) has successfully completed its previously announced bought deal public offering, demonstrating a solid engagement with investors. This financing initiative was co-led by Canaccord Genuity Corp. and Acumen Capital Finance Partners Limited, along with notable participation from Raymond James Ltd., iA Private Wealth Inc., and Bloom Burton Securities Inc. The offering allowed the Underwriters to purchase 54,855,000 units at a price of C$0.42 per unit, yielding the Company roughly C$23.0 million in total gross proceeds, including the complete exercise of the over-allotment option.
Details of the Offering
Each unit offered in this transaction comprises one common share in the Company and one-half of a common share purchase warrant. Specifically, each whole warrant is designed to enable the holder to acquire one common share at an exercise price of C$0.50 until November 12, 2027. The Company has already applied for and received conditional approval to list these warrants on the TSX Venture Exchange (“TSXV”) under the ticker symbol “PCRX.WT.” Final acceptance from the TSXV is pending, contingent upon the Company meeting all necessary listing requirements.
Utilization of Proceeds
The net proceeds garnered from this offering are earmarked for future acquisition opportunities and fulfilling general working capital needs. It's crucial for PharmaCorp to secure financing to sustain and enhance its operations amidst the ever-evolving pharmacy landscape.
Participation of Directors and Officers
In an additional show of confidence, directors and officers of PharmaCorp participated in the offering, acquiring a total of 3,762,010 units. This involvement is classified under “related party transactions” in accordance with TSX Venture Exchange policy. However, PharmaCorp has determined that exceptions to the related party policies apply, ensuring compliance without compromising governance standards. Overall, the offering resulted in no new insiders or changes in control of the Company.
Compensation to Underwriters
As a token of gratitude for the Underwriters’ services, the Company compensated them with a cash fee equivalent to 6.0% of the gross proceeds, excluding certain sales. This resulted in an aggregate commission of $1,134,633. Furthermore, the Company granted an additional 2,026,130 broker warrants to the Underwriters, each warrant being exercisable until November 12, 2026, at an exercise price of C$0.42 per unit.
About PharmaCorp Rx Inc.
PharmaCorp is pioneering a fresh approach within the Canadian pharmacy arena by focusing on pharmacy acquisitions and operational ownership. The Company strives to empower pharmacists by converting them into equity partners, thus ensuring a seamless succession plan for those looking to retire from the pharmacy business. With a robust combination of capital, strategic insight, and operational excellence, PharmaCorp is diligently creating a national community pharmacy network under the PharmaChoice Canada banner. Currently, the Company operates seven pharmacies bearing the PharmaChoice Canada name and is actively pursuing acquisitions to expand both bannered and independent pharmacies across Canada, aligning with its strategic partnership with PharmaChoice Canada.
Collaboration with Pharmacy Owners
PharmaCorp invites pharmacy owners contemplating succession or sale to explore potential collaboration opportunities. The Company is committed to facilitating smooth transitions that are beneficial for all parties involved and contribute positively to the local communities.
Get in Touch
For those interested in pursuing partnerships or needing further information about the acquisition process, they can visit PharmaCorp’s website or connect confidentially with the team. The Company's dedication to preserving legacies while serving community needs is at the core of its philosophy.
Contact Information
For additional inquiries, please reach out to:
Mr. Alan Simpson
Suite #203, 303 Wellman Lane, Saskatoon, SK S7T 0J1
Tel: (306) 536-3771
Frequently Asked Questions
What is the total amount raised in PharmaCorp's offering?
PharmaCorp raised a total of approximately C$23 million through its recent public offering.
What will the proceeds from the offering be used for?
The proceeds will be utilized for potential acquisitions and general working capital needs.
Who are the underwriters for this offering?
The offering was co-led by Canaccord Genuity Corp. and Acumen Capital Finance Partners Limited, along with Raymond James Ltd., iA Private Wealth Inc., and Bloom Burton Securities Inc.
How are the warrants structured in this offering?
Each unit consists of one common share and one-half of a warrant, with each whole warrant allowing the holder to purchase one additional common share at a price of C$0.50 until 2027.
How can pharmacy owners learn more about PharmaCorp's acquisition program?
Interested pharmacy owners can reach out directly to PharmaCorp or visit their website for more information on their acquisition program.
