Emerald Health Therapeutics Inc. upsized a previously announced bought-deal offering to C$12 million from C$10 million.

The company will now sell 8,900,000 units on a bought-deal basis at C$1.35 per unit for total gross proceeds of about C$12 million. It previously planned to sell 7,408,000 units at C$1.35 per unit for total gross proceeds of about C$10 million.

The company agreed to grant the underwriter an overallotment option to buy up to an additional 1,335,000 units, exercisable in whole or in part, at any time on or before the date that is 30 days after the offering closes. If this option is exercised in full, an additional C$1.8 million will be raised and the aggregate proceeds of the offering will be about C$13.8 million.

Emerald intends to use the net proceeds to accelerate facility expansion and for working capital and general corporate purposes.

The offering is expected to close Feb. 10, subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

Dundee Capital Partners is acting as the underwriter in the offering.