Flower One Raises CA$11M in Non-Brokered Private Placement

Flower One Holdings Inc. FONE FLOOF has closed its non-brokered private placement. The Toronto company raised CA$10.9 million (US $7.8 million).

Flower One issued almost 29.6 million units, totaling one common share in the company's capital, as well as a purchase warrant for one-half common share.

The warrants allow holders to acquire a common share in Flower One's capital at an exercise price of CA$0.44 until May 1, 2023.

Why It Matters
The closed figure increases Flower One's offering size from CA$10.5 million (US$7.5 million) permitted by the Canadian Securities Exchange.

The funds raised will now go towards corporate and working capital efforts, according to a press release.

Flower One President and CEO Ken Villazor says the placement saw a range of interested investors.

"This private placement garnered strong demand from existing shareholders as well as new, strategic investors from multiple countries and signifies an expansion of our capital markets profile internationally," Villazor stated.

Related links:
Flower One Hits Its Highest Recorded Monthly Sales To Date
Flower One Posts Net Income Of $15.7M In 'Milestone Quarter'

Photo courtesy of Flower One