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WeedMD starts C$15M offering of units


According to Market Intelligence, December 2022


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WeedMD starts C$15M offering of units

WeedMD Inc. will sell 6,976,744 units at C$2.15 on a bought-deal basis to raise about C$15 million.

Each unit comprises 1 common share and half a common stock purchase warrant exercisable at C$2.90 per share.

WeedMD will grant the underwriters an option to buy up to an additional 15% of the units. If the underwriters exercise their option in full, it will add an additional C$2.25 million to the total proceeds.

The company intends to use the net proceeds for working capital, general corporate purposes and to expand production capacity within its existing 14-acre greenhouse footprint.

The offering is expected to close Jan. 11, 2018, subject to customary closing conditions.

Eight Capital is acting as the sole book runner and co-lead underwriter with Mackie Research Capital Corp., along with a syndicate of underwriters including Haywood Securities Inc.