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Makena upsizes private placement to C$28.5M

Makena Resources Inc. increased to C$28.5 million from C$15 million its previously announced private placement related to its proposed switch to the cannabis industry.

Tuatara Capital LP, a cannabis-focused private equity firm, agreed to invest C$12 million in the offering, according to a March 12 release.

Makena intends to acquire BioCan Technologies Inc. and Epimeron Inc. in a C$30 million deal that would combine the three firms to form Willow Biosciences Inc.

The companies agreed to extend the deadline for closing the transaction to March 29 from Jan. 31 as they continue to work on a definitive agreement. Completion is expected by April 9.

Meanwhile, Makena said it is exploring several options on the disposal of its mining assets. The company owns the Bachman lithium prospect in Quebec, the Barker Cariboo gold prospect in British Columbia and the Moosehead gold prospect in Central Newfoundland.