ACRHF - Acreage Announces Completion of US$10 Million Private Placement | Benzinga
NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. ("Acreage" or the "Company") (CSE:ACRG, ACRG.B.U)) (OTCQX:ACRHF, ACRDF)), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., is pleased to announce that, further to its press release on June 5, 2024, the Company has completed its previously announced brokered private placement (the "Offering") of 12,000 units (the "Units") of the Company at a price of US$833.33 per Unit, for gross proceeds to the Company of US$10 million (the "Funded Amount").
Each Unit consists of: (i) US$1,000 principal amount of non-recourse unsecured convertible ?notes (the "Notes"), reflecting a 16.67% original issue discount?, convertible into Class E subordinate voting shares of the Company (the "Fixed Shares"); ?and (ii) Fixed Share purchase warrants (the "Warrants") of the Company, representing 100% warrant coverage for Funded Amount.
ATB Securities Inc. acted as agent in connection with the Offering.
The Company will deposit the net proceeds of the Offering in a segregated account and intends to use the same for working capital and general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. None of the Units, Notes, Warrants or Fixed Shares issuable upon conversion or exercise thereof have been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Acreage Holdings
Acreage is a multi-state operator of cannabis ?cultivation and retailing facilities in the U.S., including the Company's national retail store ?brand, The Botanist. With its principal address in New York City, Acreage's wide range of national and regionally available cannabis products include the award-winning brands The Botanist and Superflux, the Prime medical brand in Pennsylvania, and others. Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.
Forward-Looking Statements
This news release and each of the documents referred to herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation, ?respectively. All statements, other than statements of historical fact, included herein are forward-looking ?information, including, without limitation, the ...