Tilt Holdings Reports $125M Convertible Note Financing
Vertically integrated infrastructure and cannabis company TILT Holdings Inc (OTC:SVVTF) (CSE:TILT) said Tuesday that it has signed a binding term sheet for a private placement of $125 million from a group of institutional investors led by the investment firm UCP.
UCP is based in Toronto and focuses on private equity opportunities in the cannabis, digital media and tech industries.
The investment is in the form of convertible senior secured notes that will supply aggregate gross proceeds to Tilt Holdings.
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The company said it plans to utilize the proceeds to intensely concentrate on profitability, improving finance operations and pushing further business growth.
The idea behind the financing is to maximize shareholder value in the next 12 months, according to Tilt.
“This financing demonstrates Tilt’s access to long-term capital partners committed to realizing the Tilt vision and Tilt’s drive towards potential profitability, free cash flow and scaling," interim CEO Mark Scatterday said in a statement.
Tilt shares were rallying by 22.35% to 79 cents at the time of publication Tuesday.
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