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WeedMD closes its fund-raising with full exercise of the over-allotment option

Friday, January 12, 2018 9:09
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WeedMD Inc (CVE:WMD), a producer and distributor of medical cannabis, has closed its short form prospectus offering, including the full exercise of the over-allotment option.

In all, 16.05mln units were sold at a price of $2.15 each.

READ WeedMD increases size of its equity financing​

Each unit consists of a share and a half a warrant; the two halves of a warrant together entitle the holder to purchase a WeedMD common share at C$2.90 anytime before 11 January, 2020.

WeedMD shares currently trade at C$2.35, down 22 cents on the day.

The company intends to use the net proceeds of the offering to expand its lease footprint and retrofitting plans and operations at its 14-acre Strathroy Greenhouse; to purchase and further develop its Aylmer Facility; to pursue potential strategic domestic and international opportunities; and for working capital and general corporate purposes. 

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