Khiron Announces Closing Of $12.93 Million Prospectus Financing Including Full Exercise Of Over-Allotment Option
Khiron Life Sciences Corp. (TSXV:KHRN) (“Khiron” or the “Company”), a Canadian integrated medical cannabis company with its core operations in Colombia, is pleased to announce that it has closed today its previously announced best efforts short form prospectus offering of common shares (“Common Shares”), including the exercise in full of the over-allotment option (the “Offering”).
A total of 14,375,000 Common Shares were sold at a price of $0.90 per Common Share (the “Issue Price”) for aggregate gross proceeds of $12,937,500 (including the exercise in full of the over-allotment option). The Offering was completed by a syndicate of agents led by Canaccord Genuity Corp., and including GMP Securities L.P., Sprott Private Wealth LP, and Cormark Securities Inc. (together, the “Agents”).
The net proceeds of the Offering are expected to be used by the Company to fund its facility expansion, equipment purchases, clinic construction, its cosmeceutical product line launch and general working capital purposes. The Offering is subject to TSX Venture Exchange (“TSXV”) final acceptance of requisite regulatory filings.
In consideration for their services, the Agents received a cash commission equal to 7% of the gross proceeds of the Offering and compensation options (each a “Compensation Option”) equal to 7% of the Common Shares sold pursuant to the Offering. Each Compensation Option is exercisable at the Issue Price into one Common Share for a period of 24 months from the date hereof.
The common shares subject to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration under or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy the shares herein described, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. is positioned to be a leading integrated medical cannabis company in Latin America. The Company has core operations in Colombia and is fully licensed in the country for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. In May 2018, Khiron listed on the TSXV, becoming the first Colombian based medical cannabis company to trade on any exchange globally.
With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the final acceptance of the TSXV and the intended use of proceeds, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Further information in respect of the Company can be found at www.khiron.ca.
For further information: Investor Contacts: Chris Naprawa, President, T: +1 (416) 705-1144, E: firstname.lastname@example.org; Darren Collins, Chief Financial Officer, T: +1 (705) 527-3564, E: email@example.com; Media Contact: Jon Packer, Vice President, Communications, T: +1 (416) 543-9179, E: firstname.lastname@example.org
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).