Cresco Labs Inc. issued an additional 551,250 share purchase warrants to raise about C$1.2 million under its public offering of 7,350,000 units at C$10 apiece that closed Sept. 24.
The total gross proceeds of the offering after the issuance of additional warrants, priced at C$2.16 each, were C$74.7 million. These warrants started trading on the Canadian Securities Exchange on Oct. 24.
Each unit in the offering includes 1 subordinate voting share of Cresco Labs and one half of a subordinate voting share purchase warrant. Each warrant entitles the holder to buy 1 subordinate voting share at C$12.50 each for three years after the closing of the offering.
Cresco Labs plans to use proceeds for business development, working capital and other general corporate purposes.
The offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and included Beacon Securities Ltd., Cormark Securities Inc., Eight Capital and GMP Securities LP.