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Golden Leaf raises C$2.5M in private placement

Golden Leaf Holdings Ltd. sold 8,928,571 units at 28 Canadian cents apiece for gross proceeds of C$2.5 million in a best efforts private placement offering.

Each unit comprised of 1 common share and 0.5 common share purchase warrant. Each whole warrant enables holders to buy 1 common share at an exercise price of 37 cents until June 2, 2019.

Golden Leaf also granted the agents an option to buy up to an additional C$2.5 million units in the offering.

The company plans to use the net proceeds to fund acquisitions and existing operations.

Canaccord Genuity Corp. acted as the lead agent for a syndicate of agents, including Echelon Wealth Partners Inc. and Mackie Research Capital Corp. AC Group Financial Inc. acted as an adviser in the offering.