MPX International Corp. said it closed a previously announced private placement for gross proceeds of about C$26.9 million.
The Toronto-based cannabis company said it increased the size of the offering from the initial goal of C$20 million due to increased demand from investors.
MPX International issued 56,052,421 units for 48 Canadian cents apiece, with each unit consisting of one common share and one common share purchase warrant.
Each warrant can be exercised at a price of 60 cents for a period of five years after the closing of the offering.
The company plans to use the net proceeds from the offering to fund its cannabis production facility in Owen Sound, Ontario, as well as potential future acquisitions and for working capital and general corporate purposes.