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Delta 9 Cannabis to raise C$20M via units offering

Delta 9 Cannabis Inc. plans to raise about C$20 million in gross proceeds through a bought deal offering with a syndicate of underwriters for 7,410,000 units at a price of C$2.70 apiece.

Each unit consists of a common share and a warrant to purchase a common share. Each warrant is exercisable at $3.25 for a period of 30 months after the closing of the offering.

Delta 9 has granted the underwriters an option buy up to an additional 1,111,500 units at C$2.70 per unit, exercisable for a period of 30 days after and including the closing date of the offering.

The offering is expected to close Dec. 28, subject to customary closing conditions.

Delta 9 will use the net proceeds for expansion capital expenditures and general corporate purposes.

The syndicate of underwriters is led by Canaccord Genuity Corp.