Maricann Group Inc. upsized a private offering of special warrants and now expects to raise gross proceeds of up to C$35 million.
The Toronto-based company initially earlier said it expected to raise up to C$20 million in gross proceeds through an offering of special warrants, priced at C$2.00 apiece.
The company granted the agents an option to buy up to an additional 15% of the total special warrants issued at C$2 apiece. If the overallotment option is fully exercised, gross proceeds will be raised to about C$40.25 million.
Eight Capital is acting as the sole book runner and co-lead agent with Canaccord Genuity Corp., along with a syndicate of agents including Industrial Alliance Securities.