Heritage Cannabis to raise up to $12M in an equity financing
Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) reported that it intends to issue up to 86 million units of the company in an equity financing at a price of $0.14 per unit, for total gross proceeds of up to $12,040,000.
Heritage Cannabis said it plans to use the net proceeds to purchase additional biomass, packaging materials and equipment, product development and for working capital and general corporate purposes.
The company noted that the units being offered will consist of one common company share plus one common share purchase warrant, allowing the holder to purchase one common share of the company at any time for a period of 24 months following closing of the offering at an exercise price of $0.21 per common share.
READ: Heritage Cannabis says subsidiary CannaCure in deal for distribution of CBD and THC pharmaceutical products in Brazil
Heritage added that it intends to apply to the Canadian Securities Exchange (CSE) to list the warrants on the CSE, subject to satisfying all conditions to listing.
The offering will be conducted on a “best efforts” basis by a syndicate of agents co-led by Cantor Fitzgerald Canada Corporation and Cormark Securities Inc, which will receive a cash commission equal to 7.0% of the gross proceeds of the offering, together with broker warrants to purchase up to 7.0% of the number of units sold in the offering.
The offering is expected to close on or about February 17, 2021, or such other date as the company and the agents may agree.
Heritage Cannabis is a vertically-integrated cannabis provider that currently has two Health Canada-approved licensed producers, through its subsidiaries Voyage Cannabis Corp and CannaCure Corp, both of which are regulated under the Cannabis Act Regulations.
The company recently acquired Canadian recreational and medical cannabis company Premium 5 Ltd, which Heritage Cannabis expects will make it a leader in the extract and extract derivatives market, as Premium 5 is a premium provider of Cannabis 2.0 hydrocarbon and solventless concentrates in Canada.
Contact Sean at [email protected]
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/940154/heritage-cannabis-to-raise-up-to-12m-in-an-equity-financing-940154.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).