MYM Nutraceuticals Inc. closed its nonbrokered private placement, raising gross proceeds of C$10 million.

The Vancouver-based company, which makes medicinal cannabis supplements and topical products, sold 5 million units at C$2 apiece. Due to a change in market conditions, the company received approval from the Canadian Securities Exchange to reduce the price of its financing to $2 apiece from $2.80.

Each unit includes one common share and one transferable share purchase warrant. Each warrant is exercisable at C$3 to acquire one additional common share for a period of 24 months following the closing of the placement.

Further, the company said it registered a a nonbrokered private placement of up to 888,888 units, priced C$2.25 apiece, with the Canadian Stock Exchange. Each unit will consist of one common share and one transferable share purchase warrant.

MYM said it intends to use net proceeds from the private placement for general working capital and corporate purposes.