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Cannabis company The Flowr Corp. (OTC:FLWPF) raised a total of $15.9 million by selling units.
Under the bought deal offering, the Toronto-based company issued 31.13 million units with a price of 51 cents per unit.
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Cantor Fitzgerald Canada Corp. was the only bookrunner and the lead underwriter, while ATB Capital Markets Inc., Canaccord Genuity Corp., and Echelon Wealth Partners Inc. were the remaining underwriters.
Each unit from the offering contains one share of the company and one full share purchase warrant. Each warrant enables the holder thereof to buy one share at a price of 64 cents per share in the next two years.
Under the partial exercise of the over-allotment option given to the underwriters, extra 3.27 million units remain exercisable by the underwriters at the issue price, in the following thirty days.
Flowr noted that the underwriters were paid a cash amount equivalent to 7% of the collected gross proceeds and obtained unit purchase warrants of the company, equivalent to 6% of the number of units sold. Each underwriter’s warrant enables the holder to buy one share at the issued price in the next two years.
The company plans to utilize the net proceeds from the offering for standard corporate activities.
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.