WEED - Cannabis Giant Canopy Announces $30M Private Placement Here's Where The Money Will Go | Benzinga
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced on Tuesday that it has entered into subscription agreements with certain institutional investors in a private placement offering of 6,993,007 units at $4.29 per unit for aggregate gross proceeds of approximately $30 million.
Details
Each unit will be comprised of one company's common share and one series A common share purchase warrant or one series B common share purchase warrant, with each warrant allowing the holder to acquire one common share from the company at $4.83.
The series A warrants will be exercisable immediately following the offering's closing for five years. The series B warrants will be exercisable for five years as well, commencing on the date that is six months following the closing of the offering.
Why It Matters
The Ontario-based cannabis company said the move would further strengthen its financial position, allowing it to pay down debt, adding that it is in line with its strategy for overall debt reduction.
In its second-quarter ...