Cannabis producer Canopy Growth raised gross proceeds of roughly $50 million (68 million Canadian dollars) through an exchange and subscription agreement with an institutional investor.
Canopy said in a Friday news release that it intends to use the net proceeds for working capital and general corporate purposes.
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The Smiths Falls, Ontario-based business also said it plans to exchange approximately CA$27.5 million of existing debt, which matures in September 2025, for a new senior unsecured convertible debenture that matures in five years.
Under the deal, the unidentified investor will acquire the convertible debenture in an aggregate principal amount equal to CA$96,358,375.
Canopy will issue to the investor an additional 3,350,430 common share purchase warrants.
Each warrant entitles the holder to acquire a common
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