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Valens Groworks to undertake C$30M bought deal offering to bolster production

Valens Groworks Corp. signed a bought deal offering of units with a syndicate of underwriters to raise up to C$30 million.

The Kelowna, British Columbia-based cannabis company is offering 10,169,492 units at C$2.95 units apiece. Each unit consists of 1 common share and 0.5 of a common stock warrant.

Each whole warrant can be used to buy one common stock at C$4 per share.

The underwriters were granted a 30-day option to buy up to an additional 1,525,424 units at C$2.95 apiece for a further C$4.5 million in proceeds.

Valens plans to use the net proceeds from the offering to increase its presence, production capacity and white label offerings, and for general corporate purposes.

The offering is expected to close April 9.

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

In addition, Valens plans to complete the acquisition of a Kelowna-based processing facility, controlled by the company's director, Ashley McGrath, for about C$4.4 million around March 20.

Valens CEO Tyler Robson said the facility is built out to suit the European good manufacturing practice standards and will help the company to execute its business activities.