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Cronos Group to raise C$100M via bought deal offering

Cronos Group Inc. agreed to sell 10,420,000 common shares at C$9.60 each on a bought deal basis.

The company expects to raise gross proceeds of about C$100 million through the sale, which is expected to close on or around April 6, subject to regulatory approvals.

Cronos Group plans to use C$15 million of the net proceeds for its international operations and capacity expansion, with the rest going toward general working capital purposes.

The underwriters, co-led by GMP Securities LP and BMO Capital Markets, have a 30-day overallotment option to buy up to an additional 1,563,000 shares, worth about C$15 million, on the same terms.

Toronto-based Cronos Group is a principal investment firm focused on medical cannabis producers in Canada.