Coastal Contacts Inc. (COA, COA.TO), an online retailer of vision care products, said Monday it has closed its earlier-announced underwritten public offering of 3.0 million common shares, and the exercise, in part, of the over-allotment option to purchase an additional 447,100 common shares.
The shares were offered at a price of $6.00 apiece for gross proceeds to the company of about $20.7 million.
Coastal.com said it plans to use the net proceeds to accelerate its customer acquisition strategy, make certain capital expenditures and improve working capital to fund growth in new and existing distribution channels.
Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC acted as joint book-runners for the offering.
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