WeedMD Inc. WMD WDDMF said Wednesday it has completed a bought-deal offering of convertible debenture units with a price of $1,000 per unit for aggregate gross proceeds of $13.12 million.
The offering was led by Mackie Research Capital Corporation and included Haywood Securities Inc.
The company also announced additional gross proceeds of $1.12 million from the overallotment option and the issuing of an additional 1,115 convertible debenture units.
Each convertible debenture unit consists of one $1,000 principal amount of 8.5% interest-bearing convertible debenture of the company and 625 common share purchase warrants. Each warrant enables the holder to purchase one common share at the price of $1.80 before Sept. 25, 2022.
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WeedMD compensated the underwriters for its services with a cash commission equal to 6% of the gross proceeds of the offering and the issuance of non-transferable broker warrants, the company said.
The company said it anticipates its warrants and convertible debentures will start trading Sept. 27 under the ticker symbols “WMD.WT” and “WMD.DB,” respectively.
WeedMD shares were up 7.76% at $1.06 at the time of publication.
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