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Sunniva closes C$27.8M public offering

Vancouver, British Columbia-based Sunniva Inc. completed a C$27.8 million public offering of company units.

The medical cannabis company offered 2,850,900 units at C$9.75 apiece and 50,000 warrants of the company at 2 Canadian cents each.

Each unit is made up of a common share and half of a purchase warrant.

Each whole warrant is exercisable for a stock of the company for C$12.5 each.

Sunniva will use the net proceeds to fund the development of the Sunniva Canada Campus, a 700,000 square foot greenhouse facility in British Columbia, and for purchasing additional equipment for an extraction facility in California.

The offering was conducted by a syndicate of underwriters co-led by Beacon Securities Ltd., Canaccord Genuity Corp., and included Bloom Burton Securities Inc.