Golden Leaf Holdings Ltd. raised gross proceeds of about C$17.5 million through its previously announced, upsized offering of units.
The Portland, Ore.-based cannabis products company sold 38,980,000 units for 45 Canadian cents each, on a private placement bought deal basis. Additionally, underwriters fully exercised their overallotment option to subscribe for 5,580,000 units.
Each unit comprised 1 common share and a 24-month warrant to buy 1 additional share for 55 cents.
Golden Leaf plans to use net proceeds for strategic growth initiatives and general working capital purposes.
Canaccord Genuity Corp. led the offering.
