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Emblem attracts C$25M in funding

Emblem Corp. attracted C$25 million in funding from Eight Capital Corp. to help construct a production facility in Paris, Ontario, that would address the adult recreational market in Canada upon legalization of marijuana.

The investment firm will purchase 5,714,300 units of the company at C$1.75 apiece for an investment of C$10 million with a further C$15 million coming from the purchase of 15,000 unsecured debentures priced at C$1,000 apiece.

The company granted Eight Capital a 30-day overallotment option to buy up to an additional 15% of the units at the issue price.

Each unit will comprise one common share and one 36-month warrant to buy one common share for C$2.15.

The debentures will bear interest at a rate of 8%, payable semiannually in arrears on June 30 and Dec. 31 of each year and a maturity date of 36 months from the offering's closing.

Prior to the maturity date, holders may convert their debentures into common shares at a price of C$1.95 apiece.

The offering is expected to close by Nov. 7, subject to customary closing conditions.