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Auxly Cannabis Group Inc. (TSXV:XLY) (OTCQX:CBWTF) launched a bought-deal offering to sell 40.55 million company’s units, with a price of 37 cents per unit to collect gross proceeds of $15 million.
ATB Capital Markets Inc. and Cantor Fitzgerald Canada Corp. were named underwriters and joint book-runners.
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The Toronto-based cannabis company noted that each unit at the offering will consist of one share and one-half on one common share purchase warrant. Each warrant will enable the holder to buy one share with a price of 46 cents per share in the following 36 months upon finalizing the offering.
Furthermore, underwriters were provided the option to upsize the offering by up to a total number of units, and/or the component thereof, equal to 15% of the total number of units from the offering. This option was set to last for 30 days upon closing the offering.
Auxly plans to use the net proceeds for standard corporate practices.
The offering should close on or around Feb. 10.
Auxly courtesy image
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.