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MedReleaf closes C$100.5M bought-deal offering

MedReleaf Corp. completed a C$100.5 million bought-deal offering of 6,072,600 common shares at C$16.55 apiece.

In the offering, the company raised about C$60 million from the sale of 3,625,470 shares, while about C$40.5 million was raised by certain MedReleaf shareholders with the sale of 2,447,130 shares.

The company granted the underwriters an overallotment option to buy up to 543,821 additional shares, which if exercised in full will add another C$9 million to the gross proceeds.

MedReleaf intends to use the net proceeds to finance buying or building additional cannabis production and manufacturing facilities in Canada as well as in other jurisdictions with legal cannabis markets.

The company plans to use the additional net proceeds, raised if the underwriters exercise their option to buy additional shares, for working capital and general corporate purposes.

MedReleaf did not receive any of the net proceeds from the sale of the shares by the selling shareholders.

A syndicate of underwriters led by GMP Securities LP, as lead underwriter and sole book runner. Other underwriters were Canaccord Genuity Corp., Clarus Securities Inc., Cormark Securities Inc. and PI Financial Corp.

Cowen and Co. LLC is serving as financial adviser to the company.