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Quinsam Capital closes C$13.1M unit offering

Quinsam Capital Corp. has completed its offering of 21,899,349 units in a private placement at 60 Canadian cents apiece, for total gross proceeds of about C$13.1 million.

Each unit consists of 1 common share in the capital stock of Quinsam and a half of 1 common share purchase warrant. Each whole warrant entitles the holder to purchase 1 common share at 80 cents apiece before the warrants expire.

The offering was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc., which received a cash commission of around C$1.1 million and were issued 503,685 units. In addition, they received 1,751,947 warrants equal to 8.0% of the total number of units sold under to the offering. Each of their warrants is exercisable into 1 unit at an exercise price of 60 cents.

All securities issued or issuable pursuant to the offering are subject to a hold period of four months and one day.

Quinsam Capital plans to use the net proceeds from the offering to purchase financial interests in cannabis companies and for general working capital purposes.