- MediPharm Labs Corp. (LABS) is pleased to announce the closing of its “bought deal” offering
- The company sold 57,500,000 units at a price of $0.58 per unit, for gross proceeds of C$33,350,000
- The offering included 7,500,000 units sold pursuant to the exercise of the underwriters’ over-allotment option in full
- The offering was led by Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters
- MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates and advanced derivative products
- MediPharm Labs Corp. (LABS) is down 7.14 per cent, trading at C$0.455 per share at 11:30 am EST
MediPharm Labs Corp. (LABS) is pleased to announce the closing of its “bought deal” offering.
The company sold 57,500,000 units at a price of $0.58 per unit, for gross proceeds of C$33,350,000.
The offering included 7,500,000 units sold pursuant to the exercise of the underwriters’ over-allotment option in full.
The offering was led by Cantor Fitzgerald Canada Corporation, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters that included BMO Nesbitt Burns Inc., Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc.
Alliance Global Partners acted as a financial advisor in connection with the offering.
Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable for one share at an exercise price of $0.70 for a period of 24 months.
Net proceeds from the offering are intended to fund the growth of the company’s Cannabis 2.0 product portfolio, expand medical products and Active Pharmaceutical Ingredient portfolio for export, pharmaceutical registrations, R&D, sales and marketing in new markets and for general corporate purposes.
“In addition to the strong progress we have made in the medical, wellness and adult-use markets, last month we received our key Cannabis Drug Licence,” said Keith Strachan, President and Interim Chief Executive Officer, MediPharm Labs.
“This licence, combined with our global GMP platform, greatly increases our opportunities with pharma companies to produce existing approved cannabis drugs or develop and manufacture innovative drugs through later-stage clinical trials – all which we expect to enhance our future growth.”
Strachan added,
“This financing demonstrates the confidence investors have placed in our platform, our people and our potential in an emerging global pharmaceutical cannabis industry.”
MediPharm Labs specializes in the production of purified, pharmaceutical quality cannabis oil and concentrates and advanced derivative products.
MediPharm Labs Corp. (LABS) is down 7.14 per cent, trading at C$0.455 per share at 11:30 am EST.
