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CannTrust Holdings to raise C$75M from bought-deal offering of units

CannTrust Holdings Inc. plans to offer 8,350,000 units at C$9 apiece in a bought-deal offering to raise gross proceeds of about C$75.2 million.

The company also plans to grant the underwriters an overallotment option to buy up to an additional 1,252,500 units.

Upon the full exercise of the overallotment option, about C$11.3 million will be raised in gross proceeds, bringing the total gross proceeds of the offering to about C$86.4 million.

Each unit will comprise 1 common share and half of a common share purchase warrant. Each warrant will be exercisable to buy 1 common share for a period of two years after the closing of the offering at an exercise price of C$12 per common share.

CannTrust plans to use the net proceeds for working capital and general corporate purposes.

The offering is expected to close June 5.

Canaccord Genuity Corp. and GMP Securities LP are leading the syndicate of underwriters for the offering.