RavenQuest BioMed Inc. completed a private placement of units to raise gross proceeds of C$2.1 million.
The Vancouver, British Columbia-based cannabis company sold 3,523,832 units at 60 Canadian cents each.
Each unit consists of one common share of the company and one half of a share purchase warrant. The two-year warrants are exercisable at 80 cents per common share, subject to accelerated expiry if the closing price of RavenQuest's shares exceed C$1.60 for 10 consecutive trading days.
RavenQuest plans to use the proceeds for general corporate purposes.