The Flowr Corporation FLWR FLWPF has secured roughly $550,000 in financing through a non-brokered private placement offering of its 2,619,047 units at 21 cents per unit.
Based in Toronto, the company said Tuesday it has closed its previously announced transaction.
Under the offering, each unit consists of one company common share and one common share purchase warrant, which allows the holder to acquire one common share at 26 cents per warrant share over the next four years.
The company said it would utilize the net proceeds to partially repay its outstanding indebtedness and for general corporate and working capital purposes.
The licensed Canadian producer recently struck a three-year deal with Israel-based multi-country operator IM Cannabis IMCC IMCC and agreed to provide its ultra-premium cannabis strains to IM Cannabis for distribution and sale in Israel under the IMC brand.
The initial shipment of FLOWR strains is expected to reach Israeli patients during the second half of 2021 and will be distributed through licensed pharmacies, including IM Cannabis’ online pharmacy and distribution network that it purchased recently from Panaxia, IM Cannabis disclosed.
Flowr’s shares traded 0.07% higher at 15 cents per share at the time of writing.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.