Canopy Growth recently announced it has signed a letter of engagement with Dundee Securities on behalf of a syndicate of underwriters regarding a $10 million bought-deal financing. Proceeds will be used for working capital and for general corporate purposes.
As quoted in the press release:
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 652,500 Shares at the Offering at the Offering Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional $1,500,750 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be $11,505,750.