Green Growth Brands Completes $37.7M Bought Deal Financing

Green Growth Brands Inc. GGBXF reported Thursday the closing of a bought deal short-form prospectus offering of units of the company for aggregate gross proceeds of CA$50.23 million ($37.7 million). 

The company reported selling 20.5 million units at a price of CA$2.45 each, with each unit consisting of one common share of the company and one-half of one common share purchase warrant of the company.

One warrant gives the right to the holder to purchase one common share under a price of CA$3.50 per underlying common share in the three-year period from issuance.

The warrants gained approval to be listed on the Canadian Securities Exchange under the symbol “GGB.WT," according to Green Growth. 

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“The proceeds of this bought deal financing, combined with the recently announced $102.7-million backstop commitment, which was led by the Schottenstein family, support continued execution against our strategy to deliver industry-leading consumer experiences and product innovation in Cannabis and CBD,” CEO Peter Horvath said in a statement. 

The underwriters for the offering were led by Canaccord Genuity and included Eight Capital, Cormark Securities, GMP Securities, Paradigm Capital, Beacon Securities and Haywood Securities.

Green Growth shares were trading higher by 2.5% at $1.41 at the time of publication Thursday. 

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