AcuityAds Completes $9.2 Million Bought Deal

AcuityAds (TSXV:AT), digital advertising company powered by proprietary artificial-intelligence (AI) technology announced that it has closed a C$9.2 million bought deal. Haywood Securities, Paradigm Capital, Echelon Wealth Partners, Cormark Securities and Eight Capital together acted as underwriters for the 5,936,300 common shares at a price of C$1.55.

As quoted in the press release:

The Company intends to use the net proceeds of the Offering to pay a portion of a performance based earn-out in connection with its acquisition of certain assets of Magnetic Media Online Holdings Inc., and to repay a portion of the amount owing under its operating line of credit, which will have the result of increasing the Company’s available borrowing capacity under its existing operating line of credit.

In consideration for their services, the Underwriters received cash commission equal to 6% of the gross proceeds of the Offering, and the Company will issue such number of broker warrants (the “Broker Warrants”) equal to 6% of the number of Shares sold in the Offering. Each Broker Warrant will be exercisable into one Share at the Offering Price until May 22, 2021.

Click here to read the full press release.