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Valens Groworks upsizes bought deal offering to C$37.5M

Kelowna, British Columbia-based Valens Groworks Corp. upsized a previously announced bought deal offering of units to C$37.5 million from C$30 million.

Valens Groworks is now offering 12,711,864 units for C$2.95 apiece. The Canadian cannabis company initially offered 10,169,492 units at the same price.

Each unit consists of 1 common share and 0.5 of a common stock warrant. Each whole warrant can be used to buy 1 common stock at C$4 per share.

The underwriters have an option to buy up to an additional 1,906,780 units at C$2.95 apiece for a further C$5.6 million in proceeds.

Net proceeds of the offering will be used to increase the company's domestic geographic presence, production capacity and while label offerings, as well as for general corporate purposes.

Completion of the transaction will occur on or about April 9, subject to customary closing conditions.

AltaCorp Capital Inc. is acting as lead underwriter and sole book runner on behalf of a syndicate of underwriters, including GMP Securities LP, Raymond James Ltd., Haywood Securities Inc., and Mackie Research Capital Corp.