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iAnthus arranges $1.52mln private placement

Tuesday, November 15, 2016 14:57
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(Before It's News)

iAnthus Capital Holdings Inc (CNSX:IAN), the pre-revenue investment company focused on the medical marijuana sector, said on Tuesday it has arranged a private placement of up to 725,200 units at a price of $2.10 per unit for aggregate gross proceeds of up to $1,522,920.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each whole warrant will be exercisable to acquire one common share for a period of 12 months following the closing date of the private placement at an exercise price of $3.00 per warrant share, subject to adjustment in certain events. 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 $4.00 for 15 consecutive trading days.

The company will not pay any finders’ fees in cash or securities in connection with the private placement. The units will be subject to a statutory hold period lasting four months and one day following the closing date.

The company intends to use the net proceeds from the private placement for working capital and general corporate purposes. The private placement is expected to close on or about Nov. 18, 2016, concurrent with the closing of the bought deal offering that the company announced on Oct. 27, 2016 (please see the company’s news releases dated Oct. 27 and Oct. 28, 2016, for further information). The private placement is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.

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