fbpx
QQQ
-2.49
316.84
-0.79%
DIA
-2.00
312.11
-0.64%
SPY
-2.91
381.49
-0.77%
TLT
+ 0.60
150.62
+ 0.4%
GLD
-2.07
175.30
-1.19%

MediPharm Labs Gets C$60M By Selling Stock

May 28, 2019 5:17 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
MediPharm Labs Gets C$60M By Selling Stock

MediPharm Labs Corp. (TSXV:LABS) (OTC:MEDIF), a company that specializes in research-driven cannabis extraction and cannabinoid isolation, on Tuesday announced an agreement with Bank of Nova Scotia (NYSE:BNS) on behalf of a syndicate of underwriters that will purchase 10.815 million common shares of the company on a bought deal basis, at a price of $5.55 per share. Gross proceeds will amount to C$60 million.

Additional underwriters include GMP Securities and BMO Capital Markets.

The agreement also stipulates the granting of an option to purchase 1,622,250 additional shares over the 30 days following the closing of this offering, expected for June 17.

Why It's Important

MediPharm said in a press release “plans to use the net proceeds from the Offering to fund the Company’s ongoing capital expenditures at its Canadian and Australian facilities, for domestic and international expansions, research and development and general corporate purposes.”

Management was not able to provide any additional commentary as the company is in a quiet period.

Last week, MediPharm Labs announced its subsidiary MediPharm Labs Australia Pty. Ltd. received its cannabis manufacturing license from the Australian Office of Drug Control.

Related Links:

South Africa Relaxes CBD Regulations: 'A Landmark Piece Of Legislation'

'Premiumization,' Women In The Industry And The Canadian Market: Cowen's Takeaways From Its Cannabis Summit


Related Articles

Cannabis Stock Gainers And Losers From January 15, 2021

GAINERS: Next Green Wave Holdings (OTCQX: NXGWF) shares closed up 17.73% at $0.51 read more

Cannabis Stock Gainers And Losers From January 14, 2021

GAINERS: Flower One Hldgs (OTCQX: FLOOF) shares closed up 37.3% at $0.21 read more

Vext Science Upsizes Bought Deal Public Offering To Raise $18M

Vertically integrated CBD company Vext Science Inc. (CSE: VEXT) (OTCQX: VEXTF) is poised to raise $18 million through a bought deal offering of its units. read more

Cannabis Stock Gainers And Losers From January 12, 2021

GAINERS: Cannabix Technologies (PINK: BLOZF) shares closed up 57.19% at $1.15 read more

Cannabis Stock Gainers And Losers From January 11, 2021

GAINERS: Australis Capital (OTCQB: AUSAF) shares closed up 44.13% at $0.50 read more