WEED - Acreage Announces $10M Private Placement Of Units Ahead Of Acquisition By Canopy | Benzinga
Acreage Holdings, Inc. (CSE:ACRG, ACRG.B.U)) (OTCQX:ACRHF, ACRDF)) announced on Wednesday it is seeking to secure $10 million in funding.
What Happened
The New York-based company said in a press release that it has entered into subscription agreements with certain institutional investors to issue units by way of a brokered private placement for $833.33 per unit.
Each unit will consist of the following:
- 1,000 principal amount of non-recourse unsecured convertible ?notes, reflecting a 16.67% original issue discount?, convertible into that number of Class E subordinate voting shares of the company at the conversion price; ?and
- Fixed share purchase warrants, with each warrant exercisable to acquire one fixed share at the exercise price at any time ?on or before the date which is 60 months after the closing date of the offering.
The news comes on the heels of Canopy Growth Corporation's (TSX:WEED) (NASDAQ: