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Empower Clinics to raise C$3M in private placement of units

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Empower Clinics to raise C$3M in private placement of units

Empower Clinics Inc. is offering its units priced at 10 Canadian cents apiece in a nonbrokered private placement.

Each unit will consist of 1 share and 1 warrant exercisable at 16 cents within a two-year period after the offering's completion.

The transaction, together with a debt offering, will generate up to C$3 million gross proceeds.

Closing of the private placement is subject to certain conditions, including approvals of the Canadian Securities Exchange and applicable securities regulatory authorities. The offerings may close in one or more tranches, the company noted.

The Toronto-based operator of medical cannabis clinics will use the proceeds to complete acquisitions and for general working capital and corporate purposes.