CannTrust Holdings (NYSE:CTST,TSX:TRST) announced the pricing of its upcoming underwritten public offering.
As quoted in the press release:
The Company is selling 30,909,091 common shares in the offering for total gross proceeds to the Company of approximately US$170 million before deducting underwriting discounts and commissions and estimated offering expenses, and certain shareholders (the “Selling Shareholders”) are selling 5,454,545 common shares in the offering. In connection with the offering, the Company and the Selling Shareholders have granted to the underwriters a 30-day option to purchase up to an additional 4,636,363 and 818,182 common shares, respectively, at the public offering price, less the underwriting discount.
The Company intends to use the net proceeds of the offering for general corporate purposes, including cultivation and facility expansion, expanded outdoor growing, international expansion, enhanced extraction capacity, upgrades for GMP Certification and biosynthesis development.