BioHarvest Sciences unveils US$5M financing | CSE:BHSC, OTC:CNVCF

BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced that it will raise up to US$5 million to advance its Contract Development and Manufacturing Organization (CDMO) business unit, expand its manufacturing capabilities within the newly acquired 80,000-square-foot campus, and for general corporate purposes.

The leader in Botanical Synthesis said it will issue up to 697,350 units at US$7.17 per unit for gross proceeds of up to $5 million.

Each unit includes one share and one-quarter of a US$7.68 warrant, and one-quarter of a US$11.52 warrant.

A full US$7.68 warrant allows the holder to buy one share at US$7.68 for six months from the issue date and a full US$11.52 warrant allows the holder to buy a share at US$11.52 within 18 months from the issue date.

Further, the company announced the early conversion of debt notes, associated with the convertible debt financing rounds completed on July, October, and December 2023.

Approximately C$1.22 million of principal loans plus accrued interest have been converted into 161,620 common shares.

As part of the terms of the October and December 2023 conertible loans, it issued 114,236 “Early Exercise” warrants at US$7.70 for early conversion. 107,617 "Early Exercise" warrants will expire on October 30, 2025, and 6,619 will expire on December 22, 2025.

BioHarvest Sciences noted that, as a result of the conversion, more than 90% of its convertible notes have been exercised.