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Creso Pharma completes oversubscribed placement; launches share purchase plan

Creso Pharma Ltd. completed an oversubscribed placement of shares priced at A$1.10 apiece.

The company upsized the placement to A$15.5 million from A$10 million.

Additionally, Creso Pharma launched a share purchase plan, which closes Dec. 19, underwritten by Energy Capital Partners Pty Ltd.

The company expects to raise at least A$2 million from the issue of shares, priced at A$1.10 apiece.

Creso Pharma plans to use proceeds from both transactions for the construction of its cannabis growing facility in Nova Scotia, following its acquisition of Mernova Medicinal Inc. Proceeds will also go toward M&A and growth opportunities, as well as working capital.

EverBlu Capital acted as lead manager for the placement.

As of Nov. 27, US$1 was equivalent to A$1.31.