Flowr Raises $15.9M Via Bought Deal Offering Lead By Cantor Fitzgerald Canada

Cannabis company The Flowr Corp. 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.

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.

Posted In: CannabisNewsPenny StocksMarketsATB Capital Markets Inc.Canaccord Genuity Corp.cannabis industrycannabis salesCantor Fitzgerald Canada CorporationEchelon Wealth Partners Inc.legal marijuanamarijuanamarijuana stocksThe Flowr Corporation Completes Bought Deal OfferingThe Flowr Corporation raises $15.9 MillionThe Flowr Corporation Raises MoneyThe Flowr Corporation sells units
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