Canopy Growth Corp (TSXV:CGC) announced that it has closed its bought deal financing, including the exercise in full of the underwriters’ over-allotment option, for aggregate proceeds of $14,376,035.
As quoted in the press release:
A total of 7,012,700 common shares in the capital of the Company (the “Shares”) were sold at a price of $2.05 per Share, for aggregate gross proceeds of $14,376,035.00 (the “Offering”). The Offering was underwritten by a syndicate of underwriters led by Dundee Securities Ltd. and including GMP Securities L.P., INFOR Financial Inc. and M Partners Inc.
Canopy intends to use the net proceeds from the Offering primarily for capital expenditures at facilities, operational expenses and general working capital purposes including salaries, general maintenance, utilities, costs associated with regulatory compliance, and costs associated with derivative product production and international programs.