Sugarbud Generates $894,964 In Gross Proceeds From Rights Offering

Sugarbud Craft Growers Corp. SUGR announced Friday that it has finalized its previously announced rights offering to holders of the company’s common shares.

Shareholders acquired a total of 16.27 million units in the offering at a price of $0.055 per unit, generating gross proceeds to the company of $894,964.

Each unit from the offering consists of one common share and one common share purchase warrant that falls under a warrant indenture agreement between Sugarbud and Computershare Trust Company of Canada. Under the indenture agreement and following disclosed terms and conditions, each warrant enables the holder to buy one common share at a price of 10 cents until Dec. 20, 2021.

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

Upon executing the right offering, Sugarbud has 393.67 million common shares outstanding.

The company said it plans to utilize the proceeds from the offering to improve the capacity of its state-of-the-art vertical cannabis cultivation facility in Alberta, and for general working capital purposes.

“We are grateful for the support shown by our shareholders during the rights offering and look forward to a very exciting and productive 2020 as we begin to rapidly scale up our commercial efforts,” Sugarbud CEO John Kondrosky said in a statement.

Posted In: CannabisNewsFinancingMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...