Delta 9 Cannabis Inc. closed its bought deal offering with a syndicate of underwriters for gross proceeds of about C$23 million.
The company had offered 8,521,500 units at C$2.70 apiece with the underwriters fully exercising their overallotment option for 1,111,500 units.
Each unit consists of a common share and a warrant to purchase a common share. Each warrant is exercisable at C$3.25 for a period of 30 months from the closing.
Delta 9 will use the net proceeds to expand its cannabis cultivation operations and general corporate purposes.
The syndicate of underwriters for the offering was led by Canaccord Genuity Corp. and included PI Financial Corp., Beacon Securities Ltd., Haywood Securities Inc. and Mackie Research Capital Corp.