Canopy Growth Corporation completes bought deal financing, including over-allotment, for $34.5 million
Last month, Canopy Growth Corporation (TSX: CGC) announced that it has completed its previously announced short form prospectus offering, on a bought deal basis, including the exercise in full of the underwriters’ over-allotment option.
A total of 9,453,000 common shares in the capital of the company were sold at $3.65 per share, for aggregate gross proceeds of $34,503,450. The Offering was underwritten by a syndicate of underwriters led by GMP Securities L.P. and Dundee Securities Ltd.
Canopy said it intends to use the net proceeds from the Offering to primarily expand its cannabis oil extraction capacity, including the addition of encapsulation equipment, add multilayer flowering, grow and drying rooms, complete building improvements at all of its locations and develop international business opportunities.
LaBarge Weinstein LLP acted as counsel to Canopy with a team that included Debbie Weinstein, Kyle Lavender, Tayyaba Khan and Nick Jasperse.
The full press release can be read online.