Here’s What You Need to Know
- The offering consisted of 13,640,000 units at an issue price of $5.50 CAD per unit for aggregate gross proceeds of $75,020,000 CAD, equivalent to roughly $56,089,513.22 USD at current exchange rates.
- Net proceeds from the offering will be used for expansion of the company’s retail network, development of cultivation and production factories, to fund operating cash flow and for general corporate and other working capital purposes.
- Each unit consists of one Class B Subordinate Voting Share in the capital of the company and one share purchase warrant of the company.
- Each warrant entitles the holder to acquire, subject to adjustment in certain circumstances, one Class B Subordinate Voting Share in the capital of the company at an exercise price of $6.87 CAD until September 27th, 2021.
- MedMen has received approval from the Canadian Securities Exchange to list the warrants issued in the offering under the company’s existing warrant ticker symbol, MMEN.WT.
- The offering was conducted by way of a short form prospectus through a syndicate of underwriters.
- Canaccord Genuity Corp. acted as lead underwriter and received help from Eight Capital Corp. and Cormark Securities Inc.
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