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Valens Groworks raises C$27.3M in offering to expand cannabis facility

Valens Groworks Corp. closed a previously announced bought-deal offering for total gross proceeds of about C$27.3 million.

The Canadian cannabis company issued 12,820,513 units for C$1.95 apiece, with each unit consisting of 1 common share and half of a purchase warrant. Each whole warrant enables the holder to buy an additional stock of the company at C$2.54 each.

The company also issued 1,130,977 common shares and 961,539 common share purchase warrants after the underwriters partially exercised their option to buy more shares.

Valens Groworks plans to use net proceeds from the offering to expand its Kelowna facility, increase its geographic presence and for general corporate purposes.

AltaCorp Capital Inc. acted as co-lead underwriter and sole book runner for the transaction, while Mackie Research Capital Corp. was co-lead underwriter. Beacon Securities Ltd. also served as an underwriter.