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iAnthus Capital increases bought deal to C$20mln from C$15mln

Friday, October 28, 2016 7:41
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iAnthus Capital Holdings Inc. (CNSX:IAN) has revised upwards its bought deal financing to an offer of 9,525,000 units at a price of C$2.10 per unit for aggregate gross proceeds to C$20,002,500.

Late on Thursday it announced an offer of C$15,015,000. The upsized offer is expected to close on November 17.

The syndicate of underwriters is led by Canaccord Genuity Corp. and includes Beacon Securities Ltd.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share for a period of one year following the closing date of the upsized offering at an exercise price of C$3.00 per warrant share. The warrants will be subject to a 30-day forced exercise provision if the company’s daily volume-weighted average share price is greater than C$4.00 for 15 consecutive trading days.

The company will not be granting the underwriters an overallotment option in connection with the upsized offering.

The units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The company intends to use the net proceeds from the upsized offering for working capital and general corporate purposes.

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