Canada's Viridium Pacific Group Ltd. plans to raise C$16 million through a private placement of units.

The medical cannabis producer is offering 17,582,418 units at 91 Canadian cents each.

Each unit comprises 1 common share and a warrant to buy 1 common share for C$1.14.

The placement remains subject to regulatory approvals.

British Columbia-based Viridium Pacific said net proceeds will go toward construction of a growing facility, general working capital and closing costs.