TransCanna Holdings Inc. closed its IPO with gross proceeds of C$2.2 million.
The Vancouver, British Columbia-based company, which provides branding, transportation and distribution services via its units in California to a range of industries including the cannabis marketplace, issued 4.4 million units at 50 Canadian cents apiece in the offering.
Each unit included a common share and a warrant, which allows the holder to acquire an additional share at an exercise price of C$1 until Jan. 8, 2020.
TransCanna granted Haywood Securities Inc., the exclusive agent for the IPO, an overallotment option to sell up to an additional 660,000 units. The option is exercisable until Feb. 7.
The company plans to use the net proceeds for the acquisition and maintenance of vehicles and to pay and settle any balances of expenses incurred in the IPO, along with general and administrative expenses and for working capital.
TransCanna's shares were listed on the Canadian Stock Exchange on Jan. 8 and will start trading under the symbol TCAN on Jan. 9.