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Maricann underwriters terminate financing agreement amid trading probe

Maricann Group Inc. said the underwriters of its equity financing terminated their obligations under the bought-deal offering.

Underwriters Eight Capital, Canaccord Genuity Corp., GMP Securities LP, Industrial Alliance Securities Inc. and Clarus Securities Inc. had agreed to buy 17,500,000 units of the company priced at C$4 per unit. The underwriters did not disclose the reason for the termination, the company said.

The announcement comes a day after the Canadian cannabis developer said the Ontario Securities Commission is probing trading activities of its directors and matters involving its CEO. This prompted underwriters to orally notify the company that they may not proceed with the offering.

Maricann said it plans to continue its efforts to distribute the units related to the 20,125,000 special warrants issued Jan. 9.