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Orion Nutraceuticals to raise C$2M in nonbrokered private placement

Orion Nutraceuticals Inc. is looking to raise C$2 million in a nonbrokered private placement.

The Canadian cannabis company is offering 4 million units priced at 50 Canadian cents apiece.

Each unit will comprise 1 common share and 1 transferrable share purchase warrant. Each warrant will allow the holder to buy 1 additional common share for C$1 apiece within a 24-month period after the transaction's closing.

The private placement is subject to the approval of the Canadian Securities Exchange.

Orion will use the net proceeds for general working capital and corporate purposes.

Additionally, the company said in the news release that its common shares started trading on the CSE under the ORI symbol effective Oct. 17.

Vancouver, British Columbia-based Orion manufactures cannabis products with a focus on sports medicine, such as transdermal patches, topical gels and creams among others.