Delta 9 Cannabis Inc. (TSX:DN) told investors it has closed its previously announced overnight marketed financing of units of the company.
The company said it sold the equity units at $0.22 each, raising gross proceeds of approximately $1,936,006. Each equity unit consists of one common share and one common share purchase warrant, entitling the holder to purchase an additional share at an exercise price of $0.255 at any time for the next 36 months.
The company previously said the net proceeds from the offering will be used for working capital and general corporate purposes.
READ: Delta 9 Cannabis inks agreement for overnight marketed public offering of units for gross proceeds of approximately $2M
The offering was conducted and led by Research Capital Corporation as sole agent and sole bookrunner. Delta said the Toronto Stock Exchange has conditionally approved the offering and the listing of the common shares forming part of the equity units and the common shares issuable upon exercise of the warrants and broker warrants.
Delta 9 Cannabis is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market.
The company's wholly-owned subsidiary, Delta 9 Bio-Tech Inc, is a licensed producer of medical and recreational cannabis and operates an 80,000-square-foot production facility in Winnipeg, Manitoba, Canada.
Delta 9 also owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand.
Contact the author at stephen.gunnion@proactiveinvestors.com