SOL Strategies Raises C$30M in Private Placement to Boost Treasury
SOL Strategies Inc., listed as HODL on the CSE and STKE on NASDAQ, has successfully concluded a private placement, raising C$30,003,000. The offering, conducted by Canaccord Genuity Corp., involved 4,380,000 units, each consisting of one common app and one warrant exercisable at C$8.90 for 36 months. The company's interim CEO, Michael Hubbard, sees this as a strengthening of their balance sheet and support for their DAT++ strategy.
The private placement was priced at C$6.85 per unit. The common app and warrants comprising these units, along with the common app issuable upon warrant exercise, have not been registered under the U.S. Securities Act of 1933. The company expects to add over 90,000 SOL tokens to its treasury, all of which will be delegated to its validators. The net proceeds will primarily be used for purchasing SOL tokens to expand the treasury, with some locked tokens acquired at a discount. If all warrants are exercised, the company could receive an additional C$38.9 million, further bolstering its treasury and supporting general corporate purposes.
The successful private placement, led by Canaccord Genuity Corp., has provided SOL Strategies Inc. with significant funds to grow its treasury and support its strategic initiatives. The company's interim CEO, Michael Hubbard, has expressed confidence in the offering's ability to strengthen the company's balance sheet and support its DAT++ strategy.
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