Non-brokered deal finances debt repayment and working capital purposes
By Devika Patel
Knoxville, Tenn., May 9 – PharmaCan Capital Corp. said it will raise C$5 million in a non-brokered private placement of units.
The company will sell 27,027,027 units of one common share and one warrant at C$0.185 per unit. The warrants are each exercisable at C$0.245 for five years. The strike price reflects a 2.08% premium to the May 6 closing share price of C$0.24.
Settlement of the first tranche is expected May 11, with the second tranche expected to close by May 16.
Proceeds will be used for debt repayment and general working capital purposes.
The Toronto company invests in licensed medical marijuana producers.
| Issuer: | PharmaCan Capital Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 27,027,027
|
| Price: | C$0.185
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.245
|
| Agent: | Non-brokered
|
| Pricing date: | May 9
|
| Settlement date: | May 11 for first tranche, May 16 for second tranche
|
| Stock symbol: | TSX Venture: MJN
|
| Stock price: | C$0.24 at close May 6
|
| Market capitalization: | C$8.31 million
|
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