New York-based marijuana multistate operator Columbia Care entered into subscription agreements with institutional investors to raise $25 million (33.8 million Canadian dollars) in a private placement.
The agreements include the purchase and sale of 22.2 million units of the company for roughly $1.13 a share (CA$1.52) per share, according to a news release.
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Investors will be able to buy $25 million in additional units at the same price.
Columbia Care also entered into a nonbinding agreement with the investors regarding the repurchase by the company of up to $25 million of principal amount of their holdings in the 6% senior secured convertible notes that are due June 2025.
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The purchase price would be payable in common shares of the company.
Columbia Care is also in discussions with holders of the company’s 13% senior secured notes due May 2024 to exchange
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