Business
Inner Spirit Holdings Closes Initial Public Offering, Newstrike Transaction and Auxly Private Placements and Announces Commencement of Trading on the Canadian Securities Exchange
Inner Spirit Holdings Closes Initial Public Offering, Newstrike Transaction and Auxly Priv...
About this update from Auxly Cannabis Group Inc.
[{"type":"text","content":"\n\n\n\nInner Spirit Holdings Closes Initial Public Offering, Newstrike Transaction and Auxly Private Placements and Announces Commencement of Trading on the Canadian Securities Exchange\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, July 31, 2018\n\n\n\nCALGARY, July 31, 2018 /CNW/ - Inner Spirit Holdings Ltd. (\"Inner Spirit\" or \"the Company\"), is pleased to announce that it has closed its initial public offering (the \"IPO\"). The Company closed on the maximum gross proceeds under the IPO of $3,750,000 and issued 25,000,000 units of Inner Spirit (the \"Units\"). Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a \"Unit Warrant\"). Each Unit Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.30 for a period of 24 months following the closing date, subject to acceleration in certain cases (as described in the Company's prospectus). The Warrants will not be listed for trading. Leede Jones Gable (\"Leede\") acted as the Company's sole agent under the Offering and received a fee equal to $375,000 and 2,500,000 Agent's Options, with each Agent's Option entitling Leede to acquire one Common Share at an exercise price of $0.15 for a period of 24 months following the closing date. \n\n\n \n \n\n \nThe Common Shares will begin trading effective at the market open on August 1, 2018 on the Canadian Securities Exchange (\"CSE\") under the symbol \"ISH\". \n\nNewstrike Transaction\n\nThe Company is also pleased to announce that it has completed the previously announced cross-investment with Newstrike Brands Ltd. (TSXV:HIP) (\"Newstrike\") (the \"Newstrike Transaction\"), pursuant to which both Newstrike and Inner Spirit have acquired equity interests in each other and have entered into a strategic alliance agreement for the retail distribution of Up Cannabis products, and the creation and operation of Up Cannabis-branded customer lounges or \"Experiential Hubs\" in...