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Cann Group completes upsized institutional placement

Cann Group Ltd. completed an institutional placement of new fully paid ordinary shares priced at A$2.50 apiece, raising A$58.7 million.

The company's directors will seek shareholder approval Jan. 17, 2018, to subscribe to 520,000 shares at the placement price, to raise up to an additional A$1.3 million and bring the total placement size to A$60 million.

Cann Group said proceeds will go toward its accelerated expansion plans, clinical evaluation program as well as product development and manufacturing.

The placement, which was upsized from A$48 million, is part of a previously announced capital raising.

An A$10 million share purchase plan, also priced at A$2.50 per share, is expected to open Dec. 13 and close Jan. 15, 2018.

Major shareholder Aurora Cannabis Inc. participated in the placement and has committed to invest a total of up to A$26 million to achieve a 22.9% shareholding at the completion of the capital raising, up from 19.9%.