Else Nutrition - Well funded for expansion
Else raised gross proceeds of C$7.35m through equity. It offered 7.004m units at C$1.05, with each unit consisting of one share and one warrant. The warrants have an exercise price of C$1.25 and an expiry date of June 2027. The company plans to use net proceeds of C$6.6m for sales and marketing and to build inventory as it expands into new geographies, and on research and development (R&D) as it continues to pursue its disruptive dairy- and soy-free infant formula. We leave our underlying forecasts unchanged and update our model for the fund-raising. Our mid-case 12-month DCF-based value moves to C$5.80/share due to the higher number of shares.
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