Newtopia Inc. (OTCMKTS:NEWUF) Closes Equity Offerings to Raise $3.5 Million
Newtopia Inc. (OTCMKTS:NEWUF), has made an announcement that it has a brokered private placement offering of 16,950,000 units of the company at a price of $0.20 per unit (offering price) for aggregate gross proceeds of $3,390,000 (brokered offering). It is a tech-enabled habit change provider focused on preventing, slowing and reversing chronic disease.
Market Stats
On Friday, NEWUF stock ended flat at $0.1269 with more than 15 shares, compared to its average volume of 369 shares. The stock moved within a range of $0.1269 – 0.1269 after opening trading at $0.1269.
Newtopia Raises $3.5 Million
The offering was conducted through Bloom Burton Securities Inc. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one common Share at an exercise price of $0.30 per common share, subject to adjustments in certain events, until April 29, 2024.
Concurrently, the company is completing a non-brokered private placement of 550,000 units, at the offering price with certain insiders of the company,y for aggregate gross proceeds of $110,000. Both offerings are on the same terms. No commissions or fees are to be paid to Bloom Burton Securities Inc., in connection with the non-brokered offering (expected to close on or about May 6, 2022).
The net proceeds of the offerings are to be used for funding general working capital and other corporate purposes. Ruby, Founder and CEO of Newtopia, is confident that the closing of this equity offering will not just strengthen their balance sheet, but also provide necessary capital to so they can focus on long-term growth strategy.
Key Quote
“We are pleased to announce the closing of this equity offering, which strengthens our balance sheet and provides us with the necessary capital to continue to invest in our long-term growth strategy,” said Jeff Ruby, Founder and CEO of Newtopia. “We want to thank our officers, directors and existing shareholders for their ongoing support and participation in this round, as well as welcome new shareholders into our growing base of investors. Newtopia remains poised to continue our mission of providing whole person care to prevent, reverse and slow the progression of chronic disease, while also delivering sustainable clinical and economic outcomes for our health insurer customers.”
