NAPANEE, Ontario, Feb. 28, 2018 (GLOBE NEWSWIRE) -- ABcann Global Corporation (TSXV:ABCN) (“ABcann” or the “Company”) is pleased to announce that it has closed its bought deal financing, as previously announced on January 29, 2018, of: (i) 11,500,000 units (each, a “Unit”) of the Company at a price of $3.50 per Unit, for aggregate gross proceeds of $40,250,000 (the “Unit Offering”); and (ii) 30,000 6.0% unsecured convertible debentures (each, a “ConvertibleDebenture”) of the Company at a price of $1,000 per Convertible Debenture, for aggregate gross proceeds of $30,000,000 (the “Debenture Offering” and collectively with the Unit Offering, the “Offering”). The Offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and Eight Capital and including GMP Securities L.P. and PI Financial Corp. (collectively, the “Underwriters”). In addition, the Offering included 862,500 Warrants (defined below) and 4,500 Convertible Debentures sold pursuant to the exercise of the Underwriters’ over-allotment option, for additional aggregate gross proceeds of $4,793,250.
“Completion of the Offering further increases our cash position to over $135 million and will allow us to pursue multiple opportunities and execute our strategic vision,” stated Barry Fishman, ABcann’s Chief Executive Officer.
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