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Sunniva closes C$23M bought-deal offering to fund greenhouse facilities

Sunniva Inc. said it closed a bought-deal public offering with aggregate gross proceeds of about C$23 million.

The company sold 4,370,000 units, including 570,000 units as part of the full exercise of the underwriters' overallotment option, for C$5.27 per unit.

Each unit consists of 1 common share and half a share purchase warrant. Each whole warrant can be exercised for C$6.85 to buy 1 common share for 24 months from the closing of the offering.

The Canadian cannabis company intends to use the net proceeds from the offering to fund two greenhouse facilities as well as for working capital and general corporate purposes.

The offering was conducted by a syndicate of underwriters co-led by Beacon Securities Ltd. and Canaccord Genuity Corp. and included Haywood Securities Inc.

Sunniva also said its adviser Canaccord Genuity has launched the formal process to review strategic alternatives for its Canadian assets, which may include a sale, an investment or a joint venture.

The company said in July that it intends to spin out its Canadian assets into a publicly traded Canadian company and apply to list the shares on the Toronto Stock Exchange and the Nasdaq Stock Market.